Can Blockchain Help Us Tackle Climate Change

The Blockchain technology is definitely beneficial and is making a huge impact on the world. The potential transformation of the global financial system is of great importance. Aside from the obvious benefits, there is one other advantage which has been overlooked – climate impact.

Unlikely as it might seem to casual observers, blockchain has a lot to say on the climate change front. Since it offers a tamper-proof method for facilitating and recording digital transactions, it holds a lot of promise especially with the emergence of new altcoins to invest in. The blockchain can potentially be used for resource allocation as an efficient way to tackle climate change impact. However, this application of the blockchain is still being developed.

Let us look at how exactly it can be harnessed to address climate change around the world.

Micro-Grid Trials

Microgrids are basically localised energy generation grids which can be used to power limited areas. This technology offers a lot of promise for cutting down energy emissions contributing to climate change.

The first-ever microgrid trial was tested in New York recently and it used blockchain technology to manage energy transfers. With enough innovation and efficient implementation, this method could become a better way to manage power over conventional grids.

Information Management

A lot of the debate around climate change and its denial has been based on erroneous data collection. With blockchain, there is no opportunity to tamper with data or modify it.
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Since it offers tamper-proofing, the data will be presented as is.

Further, this will help in monitoring CHC emissions and facilitate better decision making by providing an accurate picture. Blockchain has a lot of promise for data management in climate change. With its prompt implementation, the world can adopt a more effective evaluation and redressal model.

Accurate Fund Transfers and Allocation

Fund transfers made on a digital medium are definitely a more effective way of managing fund transfers. They do not involve as many climate costs as conventional channels. However, they are usually not considered very reliable.

Blockchain-based transfers can provide a viable solution to this problem by offering prompt and reliable transfers. Trust is the primary factor which is required for monetary transactions to take place. Now, as blockchain technology gains wider acceptance among financial institutions and investors, its use can potentially eliminate a lot of emissions.

Humanitarian Works

Dr. Philippa Ryan, a blockchain expert associated with UTS law, spoke on blockchain technology and its potential uses in front of a UN meeting. Among the many issued discussed among other speakers was the case for humanitarian aid.

The loss is economic funding transfers for humanitarian works is a well-known phenomenon. Yet, measures to mitigate this loss have not been successful. Blockchain offers to outright eliminate this problem by providing ironclad proof of transfers. The digital transfer for sums will also eliminate any kind of theft. At the same time, it will guarantee fast transactions and prompt fund delivery. Once the destination is reached, the representatives can convert the sums to fiat money to deliver it to the target populace.

Is Blockchain’s Future Promising?

Cryptocurrencies and to a greater extent, blockchains, have many applications in the world today. Their simple yet effective premise allows them to deliver much greater financial value and much lower costs. It is not surprising that governments around the world are exploring its potentialities. It is very likely that within a few years, blockchain deployment will become visible at a global level.

Cryptocurrencies come a close second to this since they also offer great value by way of risk-free value transfer. The decentralisation of financial oversight and democratization of the marketplace certainly bodes well for the world. By all accounts, the future of these technologies is bright, to say the least.