In our last post we talked about Facebook’s announcement about Libra and its potential impact on bringing blockchain technology into mainstream tech. While Facebook and Amazon attempt to use blockchain to regain good faith, distracting us from their capitalist (and problematic) policies, let us focus on far more important uses for blockchain, such as in fighting climate change!
Experts attending the UN Climate Change Conference in May, this year, referred to the possibility of using blockchain technology to tackle climate change.
Regardless of how much or how little you know about the energy sector, one fact we all know is that traditional energy providers (coal, gas, oil) are incredibly opaque about their business models and operational activities. At the very least, assimilating blockchain technology into the energy sector will establish a level of transparency within the sector.
The integration of blockchain technology in the energy sector will improve the process of carbon emission trading. At the moment, not a single country in the world is doing enough to curb carbon emissions, and the emission data reported by businesses can be considered optimistic at best and downright lies at worst. Instead, recording carbon assets on public blockchain will ensure transparency and create a provision to monitor whether the relevant transactions are valid and most importantly, ethical. Furthermore, it will guarantee that transactions are settled automatically and smoothly.
Another key factor adding to the climate change problem is the perceived lack of alternatives. Let’s be honest, there is no dearth of alternatives to traditional energy sources, but Big Oil has made it difficult for them to gain enough exposure. Using public blockchain will not only allow the development of platforms facilitating peer-to-peer trading of renewable energy, but will also allow the possibility of crowdfunding alternative sources of energy! If executed properly, it will allow you and me to do our bit to tackle climate change in a way that actually makes a difference (beyond taking 5-minute showers and buying composting bins).
Livetree and our partner, Bitcoin Green are committed in our mission to integrate blockchain technology into mass-accessible tech to raise awareness about the revolutionary impact of blockchain in solving the problems of the world, today.
What do you think of the initiative to use blockchain to pave the way to a sustainable future?
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