It is hard to imagine a world without all the technology we are using every day – automobiles, planes, computers, the internet, smartphones, drones. People are living longer because of improved healthcare. People are living better because of the well-designed infrastructure, and globalization allows you to live almost anywhere in the world. Technology has a massive impact on the lives of each one of us, but it also has an enormous effect on other species and the planet we are living on. Along with the evolution of the human race and civilization, we are quickly becoming an unbearable strain on the environment. With all that global warming, climate change, rapid deforestation, and ubiquitous pollution, it is time to use the fruits of our civilizations to try to save the world and ourselves until it is too late if it isn’t too late already.
One of the most significant technological advances we have reached as a species was the ability to harness and use the power of electricity. Almost everything we use today requires electricity, and all our innovations and advanced technologies depend entirely on it. Without it, we would descend into the Middle Ages. Unfortunately, the ever-growing demand for electricity is precisely what makes our civilization unsustainable. Most of our energy is generated from the non-renewable sources that pollute the environment and affect climate change. And as the demand for electricity grows, our impact on the situation will continue to increase with it unless we find a way to change that.
Our next high technology is already here, and it is called a blockchain. It has already proved to be useful in multiple spheres – from finance to healthcare, from education to cloud-computing, and so forth. But there is a catch, for now, most of the blockchain platforms are extremely power-consuming.
Nothing can indeed change the fact that we need more energy to advance further as a civilization, but we can change the source of that energy. As blockchain technology can become the future of innovation in many fields, companies that want to use this technology must commit to using renewable sources of energy. And then, finally, new advancements will be possible without harming the environment we are living in.
There are many examples of crypto companies trying to work toward sustainable development:
Veridium Labs is a collaborative initiative to help build a regenerative economy through carbon credit usage with the world’s first blockchain-based marketplace and protocol. It aims at automating the environmental impact on accounting and offsetting the process.
Power Ledger is an Australian blockchain-based cryptocurrency and energy trading platform. It helps decentralize the renewable energy market and encourages investment in renewable sources. Any user, no matter how small, can trade their electricity in real-time.
Hydrominer is a cryptocurrency mining company that is using green energy from the hydropower stations in the Alps. Hydropower is considered one of the most effective renewable energy sources. It is obviously, carbon-neutral and hence environmentally friendly.
BitGreen is a company that offers an alternative to the ‘proof-of-work’ mining process that doesn’t require as much hardware, speeds up the process and reduces electricity consumption.
GEAR is a self-sustaining project that is creating a profitable solution that will allow blockchain to build a more sustainable future. It aims to finance green energy farms, data centers, and PoS master-nodes.
Eco-friendly industrial revolution
Aside from the new different business models, blockchain technology is recognized and used as a tool to foster the transition to sustainable development among the NGOs as well. One of the examples is The Blockchain for Climate Foundation, the sole mission of which is to put the Paris Agreement on the blockchain. It is working on using the core parameters of an essential part of the Paris Agreement – Internationally Transferred Mitigation Outcomes – to create a transparent global system. The other great example is The Blockchain Climate Institute, which aims to act as a platform for policy-makers and blockchain innovators to work on sustainable development. The main goal of the institute to raise awareness among the international community of the tremendous potential that blockchain technology can hold for enhancing environmental protection. There are, of course, others, like Regan Network, that struggles to reinvent agriculture (uses blockchain for smart contracts to verify and reward eco-friendly enterprises). Another example is The Climate Chain Coalition that supports the use of blockchain and related digital solutions (distributed ledger technology, IoT, big data) to mobilize and scale climate actions.
Cryptocurrencies and blockchain are paving the way for the fourth industrial revolution. And as we can not depend on non-renewable sources in the long run, we should embrace new approaches toward an eco-friendly future. And hopefully, it won’t take us a long time before we will be able to say – “Today cryptocurrency saves the world.”