We all know about blockchain, and almost all of them know about the blockchain for cryptocurrencies. However, blockchain is not only perfect for cryptos but also for various industries and global problems. For example, blockchain can be used for climate change prevention and coping with that. How? That’s how:
Better Carbon Emission
Carbon dioxide (CO2) is one of the major compounds that are responsible for climate change. At the same time, other carbon compounds are also responsible as well. But with the help of blockchain technology, it is possible to control carbon emissions and save nature. However, IBM and Energy Blockchain Lab are actually working on that together, and with their collaboration, they are creating a blockchain platform for carbon asset trading in China. Now, the carbon asset that will be recorded by that blockchain will create transparency and help to control carbon emissions.
Clean and Renewable Energy Production
Generating electricity for mass is one of the reasons why climate changes; more specifically, fossil fuel burning and the creation of electricity are responsible for climate change. But we can solve that issue and still generate electricity. We just have to use a renewable source and greener electricity option so that we can get electricity and won’t hurt nature in the process. However, blockchain can play a vital role in that. It will make peer-to-peer renewable energy trading. I mean, people will be able to sell, buy, or trade renewable energy for tokens. For example, SolarCoin is a cryptocurrency that is rewarded to those people who generate electricity from Solar energy. And it’s been possible because of the blockchain.
You will always find fake news and debate on both sides of climate change. It’s a very common thing. For example, suppose there is a carbon-offset activity that happened, both two parties are claiming about their activities. And there’s no transparency on that. However, the smart contracts of the blockchain can be used to maintain the proper information about projects and maintain them with more transparency. At the same time, the carbon-offset activity can be confirmed with blockchain technology that people won’t be able to alter.
Enforcing Climate Commitments
Climate change is a big issue, and sooner or later, it will hurt us also. So, to prevent it and make everything right, we have to take the necessary steps and force everyone to do the same. Blockchain can help everyone to make commitments. All states should deposit a certain amount in the blockchain or climate commitment. And for a state that has failed to meet climate commitments, their deposits will be distributed to those states who have met the climate commitments.
Promoting Sustainable Energy
The fossil fuel that we are using for generating energy will end soon, and so we have to find another way that will fuel us. However, the government has declared incentives for practising sustainable things and energy. But the incentives are not motivating at all. However, blockchain can solve that, and with the tokenization of blockchain, people will be more adapted to sustainable practices.