If you mention climate change to some, you’ll usually be met with eye rolls.
For others, like a blockchain expert at the University of Technology Sydney Law, the belief is the technology can provide solutions concerns.
Dr. Phillipa Ryan Says it Can Help
Dr. Ryan says developing countries can use greener methods to generate electricity. Instead of the higher emission electricity generation.
In fact, he suggests using more solar energy.
Using solar panels, communities and villages can generate, store and use their own energy and the whole system can be managed securely using blockchain technology.” According to Dr. Ryan, the application of blockchain technology’s decentralized system, trust is established within a small network of people who generate enough power to sustain them and purchase such power according to their needs, as noted by ZY Crypto.
But why Blockchain?
The technology provides a transparent, auditable and automated market trading and clearing mechanism for the benefit of producers and consumers.”
Even The World Economic Forum (WEF) backs those claims.
“… cleaner and more efficient decentralized systems; peer-to-peer trading of resources or permits; supply-chain transparency and management; new financing models for environmental outcomes; and the realization of non-financial value and natural capital.”
Blockchain and the Environment
In addition, the WEF and PwC, the auditing behemoth jointly conducted the study. These organizations released the report during the Global Climate Action Summit. The networks can help with decentralizing the management of natural resources such as energy and water. They can also assist in creating supply chains that will enable greater sustainability. The networks will also help develop new funding mechanisms to raise the capital required to deliver “low-carbon and sustainable” economic growth.
Blockchain tech is already addressing the challenges regarding the sustainability of tuna stocks. In this case, the technology can help track fish from the point of origin to the high-street store. Furthermore, blockchain can also help reduce greenhouse gas emissions and give a significant boost to solar power projects relying on distributed trading.
“Transparency is vital in influencing consumer decisions, updating supply chain practices and triggering new governance arrangements.”
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