What is blockchain and why will it build a greener future?

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The emergence of blockchain technology transforms the security and efficiency in process and transactions of almost every industry. Now, its sustainable application will evolve environmental care.

Although, what is blockchain? Blockchain is a technology in blocks that allow the storage and transfer of information. Using it, the track of operation in the financial system and international trade is easier and safer, defined by the World Economic Forum (WEF).

With blockchain technology, the sustainable vision will be improved, assumed by hundreds of companies globally, in areas such as international trade, agriculture, intelligent transport like shared cars, responsible production and consumption.

What is sustainable blockchain?

Sustainable blockchain is a trend to apply this technology in a process that improves the care of the environment and climate change. This is due to more and more consumers prefer green brands and companies..

The application of this technology provides innovative solutions to manage actions against climate change, with this block technology will allow the exposure of illegal practices or practices that put in danger the environment such as logging, unregulated fishing and even measures to make efficient the supply of water and energy.

So, what will be the way to do it? The way in which blockchain works makes it sustainable. With this technology it is possible to track an operation from the origin. And, thus be able to keep track of a supply chain.

From this, this technology allows a record among producers and intermediaries to detect the route of each one and avoid bad practices.

The use of this technology has the potential to stop climate change. Blockchain technology seeks to facilitate the use of clean energies and improve the care of renewable resources.

The study Building Block (chain)s for a better planet of PwCfirm, with the collaboration of the WEF, highlights its most relevant applications:

Crypto

The use of electricity in cryptocurrencies and other similar networks brings a more sustainable vision on the table. Currencies like Bitcoin require a lot of energy. Therefore, it is expected that the process be more friendly and take care of the emissions of carbon.

Biodiversity and conservation

This is also an area to explore. For the experts consulted by firm study, the protection of the natural habitat through investments in cryptocurrencies with the aim of restoring habitat and species conservation.

By implementing this technology, a sustainable trade can be promoted and it can lead to pollution control, have a pesticide registry, incentives for waste management and digital platforms to monitor the use of renewable resources for their preservation and care.

Caring for the oceans

This section takes in consideration initiatives that promote sustainable fishing, protection of species in danger of extinction. Even the possibility of investing in specialized funds for the protection of habitat and prevention of pollution of seas.

Water safety

The supply of water both in its management and in its control. This would provide rainfall control and forecasting, drought planning, crop insurance, sanitation and a system for proper water treatment and monitoring.

Clean air

The possibility of building projects specialized in air filtration, automatic activation of devices and having records of pollution data.

The intention of this type of application will speed up the use of clean fuels, mobility alternatives such as electric cars and the use of an automatic air quality monitoring system.

Pro-planet smarts contracts

The concept “smart contracts”, that blockchain technology offers, allows the design of systems with incentives worldwide for individuals, companies and governments to use better sustainable practices in sectors such as agriculture and responsible consumption..

The WEF defines a smart contract as an agreement between the buyer and the seller through a code. In this way, the code and guidelines are encrypted in a decentralized and distributed blockchain network.

These types of contracts allow reliable transactions without the intervention of a third party. One of the benefited areas with this type of contracts is regenerative agriculture. Through it, communities will be incentivized to reduce carbon footprints and promote planting and conservation of trees.

Adicionalmente, los contratos inteligentes impulsan un seguro para los agricultores contra el cambio climático. Con seguros a cultivos que utilicen esta tecnología ya sea para su preservación o cosecha se cuida tanto de la economía local como de la preservación de la tierra.

Additionally, intelligent contracts insurance farmers against climate change. With insurances that use this technology, both perspiration or harvest take care of both the local economy and the preservation of the land. Another condition considered in intelligent contracts is the responsible consumption with the changes in consumers behavior. Through these mechanisms the WEF establishes as an objective to promote a more sustainable consumption by creating changes in their behavior.

In the coming years, the incursion of technologies will not only benefit the growth and innovation of industries, it will also allow alternatives to take care of the environment.

Venture capital is an alternative to promote investments in technologies such as blockchain. Also promotes companies in early-stages such as seed capital.

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The incursion of blockchain technology into sustainability will evolve environmental care.

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