Can Blockchain save the planet? some technologists think so.
Over time, humans have begun to recognize the negative impact of our actions on the planet and the environment. Many people are making changes, whether it’s in our energy consumption, our contribution to landfill expansion, or a variety of other areas. People are increasingly looking for ways to reduce their carbon footprint and live lives that are more environmentally friendly.
Companies have begun to follow suit, as individuals are increasingly contributing to environmental protection. As a result, they are frequently among the largest contributors to environmental degradation, and they are now looking for solutions. With that in mind, this article will discuss a few environmental initiatives being implemented by businesses.
Blockchain technology is providing the backbone for a variety of creative environmental and ecological projects, from rewarding people’ eco-friendly actions to offering a means for microgrids to purchase and sell solar electricity on an open market. Here are some of our personal favourites:
Eliminate the middlemen. Net metering, the practice of selling excess electricity back to power providers, is well-known among solar panel owners. But what if you could sell your surplus energy directly to the household next door, bypassing the utility company?
A free market would not only improve efficiency, but it would also likely decrease costs due to greater competition. As a consequence, it may inspire more individuals to generate alternative energy due to the potential to profit from it, as well as more people to consume it due to the reduced prices. Everyone wants a gold star for accomplishing something nice, from your kindergartener to your boss.
Blockchain allows individuals to earn “gold stars” in the form of tokens or credits for decreasing their carbon footprint via the company Energi Mine. The business has introduced ETK tokens, which are Blockchain-based incentives for consuming less energy via behaviors such as using public transit, purchasing energy-efficient equipment, and other activities that reduce energy usage. “Because ETK tokens have a market value, they may be redeemed to pay for energy bills, electric car recharging, or swapped for “regular” (non-digital) currency,” writes Forbes contributor Kate L. Harrison.
Whales must be saved (and the pandas, and the elephants, and the otters). The creatures that dwell in our environment are, of course, an important component of it. To better preserve endangered species, the Blockchain provides a comprehensive framework for tracking, tagging, and monitoring them.
Care for the Uncared (CfU), a Ugandan NGO, is launching such an initiative to “preserve and protect endangered species such as Blue Whales, Indian Tigers, Sea Otters, Asian Elephants, Giant Pandas, and many more,” writes Saumya Patki for AmbCrypto, with a Bitcoin-based donation platform to follow soon.
When confronted with multiple alternatives, informed individuals tend to make better, or more conscious, choices as long as there is no personal cost attached to it. The most effective way to encourage consumers to choose environmentally friendly products is to provide a platform where they can trace the production chain of a given product, verify its provenance, and access quantification of the product’s environmental impact.
The CO2e value is calculated using the global warming potential of the mixture and the amount of greenhouse gases produced during processing. This metric enables us to account for the impact of all manufacturing activities, regardless of the materials used, and eventually arrive at an absolute value for benchmarking.
This is referred to as the product’s carbon footprint, and it is a value that varies month to month, production activity to production activity, as it is recalculated and assigned to each specific batch/lot of articles produced.
Here’s how YOU can contribute to reducing your own and your own organization’s carbon foot print by following some of the steps below:
Examine the social and environmental impact of your vendors.
You can take your company to a higher level if you hold your suppliers to a higher standard. Examine their business methods to see if they align with your company’s long-term sustainability goals. You don’t want to buy from a company with a history of unjust labour practices or a bad environmental record. Your business will suffer as a result of this.
Utilize supplier scorecards to determine if their products are supplied sustainably to keep their social and environmental impact in check. Vendors should be notified as soon as possible if their procedures need to be changed.
The application of Blockchain technology in the manufacture of composite structures and components has the ability to meet any tamper-proofing and provenance-tracking needs in highly regulated sectors. In the composite materials supply chain, raw material requirements are communicated to suppliers.
Once they are received and prepared for use in the manufacture of semi-finished products, the Blockchain may be used to record any request for inspection of raw material information. The Blockchain tracks the production of pre-pregs and their use in the manufacturing of components and structures.
Allow for remote work and telecommuting.
Despite the fact that remote work has become more common in recent years, some businesses continue to refuse it. Companies can improve their environmental stewardship by allowing employees to work remotely on a regular or irregular basis. With fewer employees in your office, the amount of energy used should drop dramatically.
Furthermore, by decreasing the number of workers that commute to work, your company will decrease the amount of emissions it produces, even if just slightly. Working from home will not only benefit the environment, but it will also save money on electricity. It’s also possible that you’ll be able to downsize to a more cost-effective workplace.
The change can be how can Blockchain help your company go green?
To establish a greener IoT environment, Blockchain technology may obviously help energy system management, financial markets, e-governance, and the smart city. It provides safe, transparent, and inviolable transactions and takes a more active role in renewable energy generation and use. Blockchain is fast gaining traction in IoT research and development, and it has the ability to solve challenges and bottlenecks.
As a result, this research examines the significance of Blockchain technology in achieving a sustainable green IoT environment, as well as the main crucial aspects that may be addressed using Blockchain technology to achieve a greener IoT ecosystem. This study contributes by providing a timely and comprehensive evaluation of Blockchain in the green IoT. Finally, it discusses the outstanding challenges and future research directions that need be addressed in order to create a sustainable green IoT ecosystem.
According to David Hollerith of Bitcoin Magazine, “the forward vision for using Blockchain-based platforms to trade energy within micro grids is to enable building owners, campuses, even ‘smart cities’ and other communities to produce and manage their own affordable electricity and then trade any excess generation.”
As more people understand the importance of being eco-friendly, many businesses have started making the changes listed above to reduce their impact on the environment and align with a more youthful workforce who are highly environment conscious. Moreover, since many of these activities also assist in decreasing operational costs, they will benefit your bottom line as well. So, what are you waiting for? Start enacting these tips in your workplace to reap the benefits. To learn more on how you can contribute to an eco-friendlier world by making your own Blockchain solutions and services, get in touch with us.
Ideofuzion is a leading global provider of technical solutions with a particular emphasis on Blockchain and web 3.0 technologies. We have extensive expertise creating bespoke Blockchain solutions for a variety of business clients. We have extensive experience developing Smart Contracts, De-Fi Systems, NFT Platforms, Hyper Ledgers, Wallets, and Exchanges. Additionally, we offer UI/UX design services and comprehensive Blockchain consulting.
