The shift toward blockchain technologies is making the world greener
Image source: pixabay - jplenio
Strong arguments on rising Bitcoin energy consumption also raised a few eyebrows when the overall energy consumption of the financial industry is under question. Earlier this month, this issue has been looked into further detail: https://steemit.com/bitcoin/@tysler/bitcoin-more-energy-efficient-than-current-banking-technologies
The potential of blockchain replacing current server based banking systems is an advantage in terms of security and energy use. Because of crypto mining focus on finding cheaper alternative energy source, this has led to emerging hydroelectric, solar and wind energy systems to generate power solely for the blockchain.
For today's article, a commentary posted on natureasia - Jon Truby caught my attention. Dr. Jon Truby is the Director of the Centre for Law & Development at the College of Law, Qatar University. He is involved in sustainable financial innovation, including digital currencies and the Blockchain technology.
Dr. Truby proposes the use of blockchain for countries to better account for and report climate change issues under the Paris Agreement. Countries could then verify their mitigation progress by enabling polluters to record their emissions using the blockchain.
Image source: pixabay - Free-Photos
While there are already more than a dozen use case for blockchain, the transparent and irrefutable technology is what drives Dr. Truby to come up with this proposal. Climate change is an issue on a global scale. By asking countries to commit, governments could account for carbon emission levels more responsibly.
A digital token could be introduced to commercially motivate and finance a global switch to a decarbonised economy; and ensure that polluters, rather than taxpayers, fund the US$100 billion committed in the Paris Agreement to climate change mitigation.
Source: natureasia - Jon Truby
The decentralised movement for industries, commercial sectors, government and economic systems is not taken lightly in our changing future. The release of the whitepaper by the United Nations Development Programme on distributed ledgers and the future of sustainable development is pushing the agenda forward.
In the upcoming 73rd UN General Assembly in New York to held on the 28th September, the feasibility of technology-driven solutions and innovative financing will be discussed in greater detail. Qatar University’s Centre for Law and Development will also be proposing several possible financial technology solutions on a later date.
Blockchain would facilitate localised reporting of climate data to help hold nations to account on their mitigation results, regardless of political obstacles. Transparent verification would also improve the credibility of results, removing the need to trust government climate data.
Source: natureasia - Jon Truby
Image source: pixabay - Pexels
Under the Kyoto Protocol, an international treaty agreed upon by most of the world's nations, is also proposing an Ethereum-based cryptocurrency known as Climatecoin for carbon credits trading.
The idea behind the system is that everyone has a limit to the emissions they can produce. If a nation wants to exceed its limit, it must purchase a carbon credit.
Source: futurism - Brad Jones
A coin as it might be called, serves more than its function suggest as the blockchain powered protocol provides an excellent tracking system. It could visualize and to pin-point countries and companies emitting more carbon than allowed. This could be a history's first to have good carbon tracking systems put into place.