Block chain refers to a
shared database technology underlying Ethereum and Bitcoin, which in the coming essay writer
decades it is anticipated to cause disruption in many industries
This technology is already being used for
payments in the banking system and eventually it will aid in solving
environmental problems facing the planet today. If this technology is adopted
globally, therefore, it can offer solutions to reverse or even stop climate
change. Blockchain, a tamper-proof and permanent database with no centralized
ownership, will enable tracking and verification of transactions in absence of
a centralized authority. This property will ensure transparency,
accountability, and efficiency of environmental projects.
Definition of Block chain
It’s
a public ledger storing transaction records and other forms of data. Block chain has no ownership as a copy is stored on various personal computers
running the program. It can be used and run by anyone. This eliminates
middlemen increasing efficiency and reducing transaction costs as well as
allowing users to interact directly. Due to its intensive distribution, it is
impossible to corrupt. Data records are stored permanently and can be changed
when new data validated by multiple computers are added. Non-reliance on third
parties makes the data trustworthy. Advanced cryptography stores ledgers making
it impossible to tamper with. Programs are automatically executed as agreed by
parties creating transparency.
Below are specific areas that block chain positively impacts on the environment;
1. Recycling
The
current recycling programs do not offer people good incentives for their
participation. Recycling programs are run separately by cities resulting to
other places lacking these programs. The programs also experience difficulty in
tracking and comparing the impacts made. Blockchain offer a recycling program
in which the deposit of recyclable items such as bottles, plastic containers
and cans, are rewarded with cryptographic tokens, this will encourage
recycling. Programs such as social plastic and recycling, projects
anticipated to be implemented around the globe will make it easy to track its
impact due to Blockchain’s transparency.
2. Environmental treaties
There
has been difficulties it tracking impacts of environmental treaties and
government corporations do not have the incentive to live up to their promises.
This is due to fraud practices and data manipulation. The public Block-chain
ensures transparency thus government corporations will be discouraged from
misreporting their progress and unfulfilling their environmental promises. The
data entered permanently stays in the public block-chain.
3. Carbon tax
The
environmental impact of products is difficult to establish with the current
system as product’s carbon footprint is not included into the price. Therefore,
consumers have little incentive for products possessing low carbon footprint
and companies have little incentive in selling such products. Carbon footprint
tracking using block-chain will enable carbon tax pricing on products and
prevent tampering of this data. High carbon footprint in products means high
prices discouraging consumers to purchase resulting to companies to restructure
their production line for environmentally friendly products.
4. Supply chain management
A
large number of individuals would like to purchase goods ethically made that is
chemicals and materials used, how the products are made, dumping of garbage as
well as fair treatment of employees. All this information is unavailable making
it difficult to verify the products. Blockchain offers a platform for companies
to publicly provide every information regarding their product, this makes
consumers better informed. Consumers will be able to determine environmental
friendliness of a product by using the information about the product.
5. Energy
The
traditional centralization of power grids creates energy distribution
inefficiencies such as unused power surpluses. Centralization is also affected
by natural disasters which can leave large populations with power outages.
Blockchain peer-to-peer energy system reduces losses due to power transmission
over long distances and reduces costs associated with energy storage as trading
will move electricity from excess grids to places where it is inadequate. The
transactive grid program works towards providing this solution. Sun contract, Eco-chain and electric chain programs trade on solar and renewable energy tools.
6. Non-profits
Non-profits
is program concerned with environmental charities. Funds offered for
environmental charities are impossible to track due to corruption, bureaucracy
and inefficiency common among intermediaries. Block-chain provides a platform in
which funds can be transferred directly to the correct parties. This will
prevent loss of funds due to corruption or bureaucratic ways associated with
middlemen. Programs implemented for such methods include Bit-hope and Bit-give
currently working with cryptocurrencies.
7. Change of incentives
The
complexity of the current world poses challenges for companies and individuals
to track directly impacts of their actions. Incentives meant for environmental
sustainability are not always clear specifically for the short term. Block-chain
technology enables companies and individuals directly track impacts of their
actions towards the environment therefore incentivize them on actions for
environmental sustainability. The transparency platform can help track data
concerning carbon emissions, products’ carbon footprint, waste emissions from
factories and greenhouses as well as compliance history of companies towards
sustainability of the environment. Blockchain encourages individuals and
companies to act towards environmental sustainability through availability of
information, reputation systems and tokenized credits for implementation of
certain actions.
In
conclusion, blockchain provides great opportunities for people to ensure
environmental sustainability. Through the implementation of the various
programs, companies are able to ensure their products are environmentally
friendly, individuals incentivize actions for environmental care, and factories
control pollution as well as sponsorship funds for environmental care make
positive impacts due to tracking.
Author Bio
Written
by Kendrick Richardson, I am a writer, researcher and an entrepreneur. I
provide writing services too writing challenged clients
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