World Economic Forum (WEF) Identifies 65 Ways Blockchain Can Help Environmental Issues
The World Economic Forum (WEF) has identified over 65 new ways in which the blockchain technology can be used to address environmental problems and challenges that the planet is currently facing. The study was made via a partnership with PwC, an auditing company, and released by the Global Climate Action Summit last week.
The study examines how new international blockchain platforms could be used to incubate blockchain ecosystems that could help the environment. These networks could be used in many ways like in the management of natural resources like water or energy or even to create new supply chains that can e more sustainable.
Another use of this technology can be providing new funding mechanism to raise a lot of money needed to deliver economic growth in a sustainable way that emits small quantities of carbon.
Some examples can already be seen in projects like the one that uses the blockchain technology to reduce greenhouse gas emissions or to update supply chain practices like boosting solar power projects via distributed trading or even creating sustainability projects for tuna stocks by tracking the fish.
According to the research, transparency is vital when a customer needs to make an informed decision and the blockchain and the smart contract technology could easily be used to create something interesting that could positively impact the society in more than one way.
This research breaks down the areas in which the blockchain could be used in six sections: biodiversity, climate change, oceans, water security, clean air, disaster resilience and weather. Each one of these areas has more subdivisions.
The Results From The Report
The main issue found in the report is that these areas have been largely ignored by most of the developers at the moment. These systems represent an important opportunity to unlock and monetize the value in environmental systems while caring for them but most companies are still not aware of this possibility.
While the blockchain technology was the focus of the study, the study has affirmed that there is a fair opportunity for the companies that want to harness the nascent technology and get big gains for the environment. This can be done using the current blockchain technology or simply deciding to find similar solutions that can be effectively used to generate profit and protect the nature.
According to the study, the blockchain has a lot of untapped potential at the moment that helps it to bring a new era of clean and resource-friendly solutions that will empower communities and protect nature.