Blockchain Technology Being Used To Fight Climate Change?
In the near future, blockchain technology could be leveraged to keep more accurate and un-alterable track of climate change-combatting initiatives.
Blockchain technology, previously criticized for its large-scale emissions, may now be used to combat climate change. The storage database, frequently used to store and track cryptocurrency, may cut down on middlemen when it comes to funding and completing climate-based projects, as it’s significantly easier to track and allocate funds using blockchain rather than through a traditional database. While some environmental activists advocate for a societal step away from tech as the best tool in the fight against climate change, others argue that tech is a part of our world and that we can and should use it to fight climate change.
For those unfamiliar with blockchain, it’s a database or ledger that’s shared among nodes of a computer network. Blockchain is aptly named for the way that it stores data—in blocks that, once full, are sealed and chained to a new block. Blockchain makes it much more difficult to tamper with data, as its isn’t stored in a centralized location and, by its very nature, stores data chronologically, making it nearly impossible to alter.
While blockchain can be used to store a wide variety of information, it’s most commonly used as a ledger for cryptocurrency transactions, especially crypto-giant Bitcoin. In the case of Bitcoin and many other cryptocurrencies, blockchain ensures that no one person has control over the currency, but that all investors have collective control. To aid in the fight against climate change, investors could use blockchain to ensure that donations and investments are used for their intended purposes.
While blockchain isn’t yet being used in government climate funding, it is showing up in the private environmental sector. Bitgreen, a climate-investment platform that raised $5 million via crowdfunding, is building its platform with blockchain to allow for transparency and accountability in using its funds. Even blockchains like Ethereum, which are notorious for their emissions, are switching to models to reduce their emissions while still utilizing the technology.
As companies work to offset their carbon emissions and more and more tech creators take the climate crisis seriously, we’re likely to see an increase in tech that prioritizes sustainability and environmentalism. Blockchain is only one of the more recent technologies being used to make the tech industry greener; according to Entrepreneur, the green tech industry is expected to grow at least 21 percent every year. As climate concerns and alarms grow, that percentage may grow even more, and we may see even more industry growth.
Real change, though, will likely only take place when the various government agencies and bodies start working together toward climate action; this is true not just of local and federal government in the U.S., but of governing bodies around the world. Blockchain, some tech experts say, would be a perfect way for international governments to work together to accomplish climate change initiatives and projects, as it’s a transparent database that would make it nearly impossible for any governing body to hide where the funds were going. While human innovation is largely the cause of the climate crisis we face now, it may also be our only solution; we can only hope that blockchain—and other new, revolutionary technologies—are able to heal the planet, rather than continue to hurt it.
