Blockchain technology, an offshoot of the Distributed Ledger Technology is disrupting many industries right now. This disruptive technology also has the potential to cause a wave of change for sustainable environment. Although we have our “nay-sayers”, there’s substantial proof that Earth is dying a slow death and there is a need to take immediate actions. Even though several climate change and environmental agreements are being signed annually (and others backing out of) at supranational levels, these have amounted to little results.
Think deep about these facts;
- There has been a 34% increase in c02 since the 17th century and still on the increase.
- Humans are using up 50% of the natural resources the earth can provide. At this rate, Earth’s resources are inadequate.
- By the time you’ll finish reading this, 1.5 ares of forest would have been cut down.
- Pollution has become a global killer with 100 million casualties
- Floating around in our oceans is a giant garbage island, made mostly of non-biodegradable plastics the size of Mexico, India, and Europe combined.
Yeah, so how does all this make you feel? Nothing? Just as empty and nonchalant about all this? Then you can just stop reading now.
There are so many environmental issues plaguing our planet and Blockchain might be crucial to Earth sustainability. The environment can and will benefit immensely from crypto-governance that only Blockchain can provide.
Blockchain: Guarantee That a Planned Event Will Happen
The first area Blockchain technology can help the environment is through effective policy making. Year after year, environment stakeholders, representatives of government and environment crusaders like Green World meet to discuss the environment. In most cases, the meeting ends with a policy paper, agreement or treaty, yet there has been no considerable impact generated through these numerous policies.
Government officials are chronically corrupt, and this affects their ability to make policies in the interest of their people. Local communities could be empowered to make policies and make decisions regarding their environment and natural resources. This will limit the influence policy makers have. In essence, Blockchain will return power back to the local communities who are most affected by environmental degradation.
Incentivizing Proper Waste Collection
By implementing incentives for conservation, local communities will be rewarded. Unlike the existing phenomenon where environmental grants and funds are given to governments without a corresponding impact on the people and the environment. With Blockchain, smart contracts could be implemented to ensure that conservation funds are implemented as intended. For probably the first time ever, the use of Blockchain in tracking the money trail puts the funding into the hands of the right people, and secures those funds for its intended use.
Technology has made physical product tracking possible, but Blockchain could make it easier and faster. Currently, Walmart has implemented a tracking system for pork supply chain from China. EverLedger, a London based start-up is also implementing Blockchain for the tracking of diamonds, this is to reduce the case of stolen gems. These technologies can also be applied to the environment, companies can track their water use, gas flaring and sources of raw material. Blockchain could go a step higher by recording ownership of environmental resources with a time stamp. The implication of this is that multinational companies and corrupt governments will not be able to evict communities without proof of ownership.
Conclusion: We need to keep moving forward with Blockchain
Like any emerging technology; research, funding, and application will take time. Nonetheless, with the speed at which Blockchain is disrupting different industries, there is hope for Earth. Blockchain might just be the long-awaited medicine this withering planet needs.
What do you think? Is it worth the support?
Also published on Medium.