One of the leading auditing firms all around the world KPMG predicts that blockchain along with the Internet of Things (IoT) will be used to manage climate change in 2020. As the blockchain lead named Arun Ghosh noted in the blockchain news, these two technologies will definitely shape up the future.
IoT is a term for systems of interrelated devices that are embedded with sensors, software as well as network connectivity. All of this enables them to collect and exchange data. The list of six blockchain predictions by KMPG shared with the media shows that Ghosh noted:
“The convergence of these technologies is enabling organizations to accelerate environmental governance, with blockchain’s chain of custody being deployed as a central component to driving sustainability.”
With the presence of KMPG in 154 countries, Ghosh explained that KPMG predicts that the firm is seeing an uptick in the emerging economies focused on automating air quality control mechanisms. Ghosh also noted that the KPMG firms in India, Ukraine and China have had ongoing conversations with key players about the future of air quality standards and what it may resembles.
While KPMG predicts that blockchain and IoT will lead the way in the future, Ghosh did not go into detail of the discussions with the firm. A recent report from Grand View Research Inc. shows that the air quality market size is expected to reach $6.5 billion by 2025. The report also notes the use of wireless communication networks for IoT-based air quality monitoring systems is likely to be the future.
Ghosh pointed out that as more data from IoT emerges and is collected, the evidence behind carbon offset will reduce the emissions of carbon dioxide or other greenhouse gases. He also explained that accounting standards powered by blockchain-based protocols are being applied to enable climate management and ensure carbon offset.
“There is a lot of momentum around accounting standards of carbon monoxide that requires trusted data coming from IoT enabled devices. We are hearing more conversations around data and carbon offset programs and how we can merge these programs into developing better accounting standards through blockchain and IoT devices.”
KPMG predicts that the application of blockchain in climate management will be discussed in Switzerland this month during the World Economic Forum known as Davos 2020.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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