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Can Blockchain Be the Next Climate Change Solution?

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Can Blockchain Be the Next Climate Change Solution?

We are living in a fast-paced world where life is considerably easy and comfortable. However, the cost we are paying for this standard of living is not negligible. In the race to have better homes, better transport and generally better of everything, we are actually compromising with a sustainable future.

According to NASA, there are 95% chances that global warming today is a result of human activity since the mid-twentieth century. Furthermore, it is proceeding at an alarming rate. Due to increased carbon dioxide emissions and other such gases into the atmosphere, the average surface temperature of the earth has risen about 1.62 degrees Fahrenheit since the late nineteenth century.

Several other observable phenomena stand proof to the rapidly changing earth we are now inhabitants of— from sea level rise to shrinking ice sheets, from warming oceans to their acidification— it is clear that we might be leaving a dilapidated world for the coming generations.

Interestingly, technology is often said to be both a curse and a boon. While it is true that most of these events have been accelerated due to technological advancements, it is also possible that technology can be used in a positive, constructive way to find a solution to the burning climate change problem.

Blockchain is a ledger technology, which on first, cursory look, might seem to be of no consequence at all to the line of thought we are following here. However, a closer look can ascertain that the technology is indeed capable of helping in the management and creation of a global climate change solution. Let us see how.

Getting the Data Right

Blockchain can prove to be an indispensable tool for creating an ecosystem of digital technologies like big data, internet of things and Artificial Intelligence for measuring, reporting and verifying climate change mitigation and adaptation. A system lead by blockchain assures data collection for building up a solution in less time and low cost.

Building a Reliable Tracking System

One of the reasons why a well-planned climate change solution seems out of reach is the lack of a transparent tracking system that would have helped in analyzing the progress that is being made towards achieving global climate goals.

According to a report published in The New York Times, even after the lapse of a considerable time after the Paris Agreement in which almost two hundred countries had participated, prevention of severe global warming in the coming years is still unlikely.

It is, therefore, apparent that the need of the day is a new and transparent tracking system like blockchain which can not only handle the complexities involved in accounting and reporting carbon emissions and reductions, but also help build trusted and well-regulated carbon markets.

Making Climate Change Solution Finance More Transparent

And of course, the financial aspect of the climate change solution cannot be neglected. Keeping in view the fact that the crisis and its impacts are massive, every penny invested in its solution matters. The blockchain technology, which is a distributed, immutable ledger at its core, could help build trust in peer-to-peer transactions. The use of smart contracts would also lead to low costs and greater efficiency.

Blockchain could also help build a decentralized market for clean energy and create a flourishing energy sharing economy. An example of such a venture is the partnership between Siemens and a New York-based startup called LO3 Energy, which has been fostered to work towards developing microgrids that make use of blockchain technology.

Expanse: Helping Build the World We Live In Today

A climate change activist does not need to always be the person who raises voice against the inaction of states towards climate change. People also need to participate actively to make the earth a better place for us and the coming generation— whether it is by planting a tree or by building a digital ecosystem to aid a solution. And like your backyard is the place to start with a sapling, Expanse is the place to begin with the latter. Built on Ethereum, Expanse is faster, more scalable, more secure and therefore suits perfectly to help create blockchain-based solutions for everyday problems. In other words, it is the soil on which the tree of a better tomorrow could be sown.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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