Today's society aims to efficiently reduce and mitigate the negative environmental impacts. And, the latest blockchain technology can make this possible.
Most of the businesses are now constantly trying to find innovative ways that can make their business models even more sustainable. For example, today’s society really expects to efficiently reduce and effectively mitigate the negative environmental impacts. And, the latest blockchain technology can make this possible.
According to the experts, industries such as energy, fisheries, mining, foresty, and organic food processing can enjoy benefits from blockchain technology. In fact, carbon accounting, material recycling, air pollution, and monitoring can be easily transformed using the blockchain technology.
That’s why PEFC (Programme for the Endorsement of Forestry Certification) has decided to invest in blockchain technology. Needless to mention, PEFC (an international, non-profit, and non-governmental organization that promotes sustainable forest management) is responsible for over 300 million hectares of certified forests. They have invested in blockchain technology in order to better streamline their sustainable forest management process.
Apart from PEFC, a few other companies (such as impactChoice, L03, IBM, Electron, Nasdaq (Linq), and more) are now investigating the sustainability implications of using blockchain technology. Using the advanced blockchain technology, a reputed Australian company i.e. Power Ledger now enables consumers to exchange, sell, and buy surplus renewable energy resources without middlemen. In this context, the Hack4Climate workshop has held various events in order to promote the usage of blockchain technology for sustainability measures. The MIT Media Lab had also promoted blockchain and climate change at the United Nations COP 23 climate conference that was organized in Bonn, Germany. The conference specifically posited blockchain technology as an excellent way of fighting/controlling climate change.
The China-based Energy Blockchain Labs and IBM have investigated themselves how this technology can help combat abrupt climate change, how blockchain can facilitate clean energy trading and improve the trading of carbon emissions, and how it can accurately track and report carbon emissions reduction.
According to Jennifer Morris (Conservation International President), environmental problems emerge as we lack trust. The environmental crisis grows in the multiplication of intermediaries. For example, when you purchase a fish from the supermarket, the supply chain is really long. Oftentimes, the supermarket might not even know from where the fish actually came. By using a blockchain-based supply chain, whenever you purchase a fish, you can easily scan a QR code on your smartphone and observe every single step that can’t be falsified or manipulated.
Stings Rainforest Foundation that was founded in the year of 1989 is committed to preserving the natural habits of the Amazon River region. The company has recently announced its new digital currency i.e. BitSeeds that can help fund the organization for its global forest protection efforts.
ImpactChoice (that has already provided sustainability software to various businesses for almost a decade) has recently developed a permissioned ledger that’s based on the blockchain technology. This development will simplify impactChoice’s environmental mitigation efforts. This new blockchain-based platform, driven by Earth Token is termed as Natural Asset Exchange. By using Natural Asset Exchange, impactChoice has enabled both individuals and institutions to decrease their impacts on the environment.
The Co-Founder and Managing Director of impactChoice, Leonard Harley has mentioned that harnessing the collective power of a broader community is extremely challenging. You’ll need to provide a well-built, easily usable, and trusted platform which encourages folks to participate and instills confidence in the community. impactChoice has pioneered the usage of digital representations of natural assets through its first-ever Carbon Asset Management platform. Their software is being used by Africas Greenest Hotel and Hotel Verde. Initially, the challenges were enormous and the development was deeply hampered by bureaucracy, red tape, trust, and lack of transparency. However, the company successfully managed to design its Carbon Asset Management platform that could link environmental impact mitigation at the transactional level.