We are facing a growing number of environmental challenges in 2020. We recently heard that this will be one of the five warmest years on record.
The good news is that new technological breakthroughs are helping solve environmental concerns. One of these changes is blockchain.
The blockchain technology has the potential to disrupt many industries and companies around the world have already allocated capital to facilitate the development of various solutions based on this innovative tool. Aside from its ability to revolutionize how the different ecosystems could work, the blockchain could also have a meaningful positive impact on the environment. People are becoming more aware of the damage that comes as a result of the economic status quo and as a result, the development of more environmentally friendly systems had already begun.
# Product tracking
One of the most popular applications for the blockchain is found in systems designed to track products from the production line right to the final customers. Via bar or QR codes, merchants, as well as users can scan and monitor where a product comes from. This practice reduces the number of counterfeits. Usually, companies operating based on these business models are the ones not paying close attention to the environment or strong work ethic. At the same time, people will have more information on how products are being made and shipped, to assess whether the impact on the environment had been a priority or not. This will help customers find products that are best for the environment.
# Improving donations to environmentally friendly charities
Donation platforms based on the blockchain are on the rise and facilitate how people can allocate capital for different humanitarian causes. Aside from facilitating cryptocurrency trading, the blockchain can also revolutionize the way people donate to charity. Building a donations platform using the blockchain will ensure funds will be transferred faster to the final destination and it will provide a permanent record of charitable financial transactions made since the system started functioning. The bribable charity system continues to exist and with this approach, full transparency can be ensured.
# Cutting energy usage
Technology gets more integrated into our lives and has the ability to generate many improvements if blockchain will be part of the equation. A blockchain-based solution could be designed to monitor energy consumption in a detailed manner, generate statistics, and even solutions to reduce energy usage. Electricity will continue to be a vital “commodity”, which raises the need to find ways to optimize how we use it. Low energy consumption will mean less harm done on the environment to produce it. Luckily, there’s plenty of upside in this field, and companies all around the world had already started developing blockchain-based systems for this purpose.
# Rewarding energy production
Producing electricity with solar panels continues to grow in popularity, especially in areas where the weather is favorable. To further stimulate people into this activity, governments could use other measures, not only funded programs. They could create cryptocurrencies based on the blockchain, and award tokens based on the energy produced. Those tokens will then be redeemable for fiat money or could be used in different shops. Cryptocurrencies are already poised to be a global phenomenon. Finding practical ways to use them should be a priority. At the same time, producing green energy should be treated as a noble way of carrying for the environment.
Blockchain is Vital to Environmental Sustainability
Sustainability is very important in 2020. A growing range of technologies have played a key role in the development of more environmentally friendly solutions. Blockchain is one of the new developments that is proving to be very useful in helping solve environmental crises around the world.