How Blockchain Is Serving For A Healthier Future?

The energy and environmental sector is continuously expanding because of developments like electric vehicles and IoT-powered metering. Now it's the tu

The energy and environmental sector is continuously expanding because of developments like electric vehicles and IoT-powered metering. Now it’s the turn of blockchain development, which has made enormous promises to establish smart contracts and cryptography-backed interoperable systems.

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The potential of blockchain to address energy and environmental challenges is now largely underrated. The World Economic Forum published a paper a few years ago outlining more than 60 potential blockchain use cases in the industry to clear up any misconceptions.

We won’t make any assumptions or projections. We chose real-world examples from today’s article that demonstrate how DLT tools already affect the energy and environmental sectors, bringing about yet another technological revolution.

Decentralized Energy and Environment: Blockchain Use Cases In Industry

Electron – A Resource Exchange Infrastructure Enabled By Blockchain

There is a lot of potentials to cut carbon dioxide emissions with the rise of electric automobiles. According to Deloitte, nearly 20% of the energy consumed across 21 US states would come from solar and wind power by the year 2030.

However, this enormous supply of eco-friendly resources has not yet been fully utilized, which causes resource imbalances in electricity networks. Through the establishment of transparency and uniform resource tracking across the board, blockchain-based power could change the course of events. Energy experts may eventually be able to calculate dispersed energy resource margins more precisely depending on the location and grid constraints.

And Electron now performs this precise action. The business creates a digital system that uses this technology to organize resource information that is dispersed. The available assets, along with information on their provenance and ownership, will be visible to network participants.

In addition, Electron intends to create a permissioned resource repository and a decentralized peer-to-peer marketplace connecting grid operators.

AidCoin – Non-Profit Auditability Using This Solution

Donors generally come to help out of reluctance because nonprofits continue to pose a hazard of fakes and fabrication. Unfortunately, environmental NGOs are not an exception to this tendency, and blockchain may help by creating a distributed, transparent infrastructure, just as it does for social good.

In the future, donors might fund initiatives like installing solar panels in low-income areas, with the blockchain providing real-time updates on the project’s status.

Through AidChain, a network where energy charities may connect, the AidCoin firm addresses the “lack of trust” problem. NGOs can begin accepting donations in the form of blockchain-enabled digital assets after they have registered in the network.

Additionally, AidChain has its own exchange where assets are converted into AidCoin, an internal currency. Donors can then follow all AidCoin transaction flows, including those that took place off-chain.

UN – “Smart” Environmental Treaties

Although entering those looks reasonably simple, environmental agreements, in all their complexity, make it difficult to follow all the stated obligations. Because of this, when the UN Environment Program looked into the topic of environmental accords, the majority of them showed no improvement at all.

Together, the UN and UNICEF support blockchain projects utilizing smart contracts. Despite the development’s early stages, we can already make assumptions about the kind of future these well-known corporations hope to give us.

Environmental treaties can all be digitalized at some time, becoming self-executing smart contracts, therefore monitoring their development for rule compliance may not be required in the long term.

OpenLedger talks about the blockchain prospects in Abu Dhabi, one of the world’s most active innovation hubs.

IBM and Plastic Bank – Use Blockchain to Promote Recycling

The Los Angeles Times claimed that each year, countries produce more than 1.3 billion tonnes of waste, and they predicted that this amount would continue to rise until it reached 4 million tonnes within the next century. You will see the whole devastating image of how dirty the modern world is when you also take into account worldwide recycling rates.

Despite this, adoption campaigns for recycling go on and even broaden in reach. There are now a number of blockchain-based projects that encourage recycling using assets that can be used.

One of these initiatives is a partnership between PlasticBank and IBM that uses a rewards system to fight the pollution of the oceans with plastic debris. In a nutshell, this method of operation enables citizens to collect plastic in exchange for blockchain-enabled financial benefits (instead of disposing of it in water). Furthermore, 

This acts as a validation mechanism, guaranteeing that each reward will be given out right away as the necessary conditions are met.

WePower – Increased Green Energy Aggregation for Low-Income Countries 

But compared to rich nations, waste collection is frequently a more pressing problem in remote, low-income locations. For instance, only 10% of the waste produced by Africans is collected; the remainder is thrown someplace else, such as in streets, gutters, or rivers.

The effects are lethal and insidious, including terminal lung diseases. According to MailGuardian, 20,000 South Africans pass away as a result of air pollution each year.

But enough with the horrifying numbers; let’s look at what blockchain might have to offer. One may track emissions using a decentralized blockchain ledger that is secure, dependable, and tamper-proof. Additionally, since poor countries are the main sufferers of unsustainable waste management, they should be the focus of the main mitigating measures.

WePower and the Estonian government have partnered to establish “smart energy procurement” in underdeveloped countries as one such endeavor. WePower is an example of a trading platform that links buyers and suppliers of green energy.

With their own digital assets, producers can organize green energy auctions and sell all or part of their energy output. Buyers may verify each asset’s digital certificate of origin using the blockchain’s immutable record of transactions.

 Veridium and IBM – Reduce Carbon Emissions

The final example in today’s article shows how blockchain can be used to establish carbon emission pricing.

IBM and Veridium established a partnership in December 2018. Veridium intends to use blockchain technology to transform carbon credits into fungible digital assets that can be traded on a network with blockchain support for both public and private transactions.

As a result, businesses will be able to use blockchain-based digital signatures to verify the legitimacy of carbon footprints. Todd Lemons, CEO of Veridium, claims that supply chain emission controls provided by blockchain would address global warming challenges with the ultimate goal of lowering environmental consequences.

To summarize: Sea Changes Are Coming!

The usage of chains will drastically reduce air pollution, in addition to bringing about more automated, transparent, and affordable operations. Green energy and the sharing economy will be fueled by technology. Despite all of these, blockchain will significantly affect the global economy.

The rapid energy shift that is the ultimate goal of the renewable energy industry will be accomplished with the digitization of blockchain. Could you have imagined something like that a few decades ago? Big things are about to happen.