Blockchain Technology on the Battle against Climate Change

Blockchain Technology on the Battle against Climate Change

As the battle against climate change continues, everyone continuously seeks ways to fight it, whether they belong to an organization, or as individual citizens. The experts in the field of environmental sciences said that we are now at a crucial point in time, and the future of our planet relies fully on the actions that we take now. We could either help in making it better by finding sustainable solutions, or we can make it even worse. Whatever it is, this battle is for all of us to fight against, for better or for worse.

Another popular topic alongside climate change is the rise of cryptocurrency since the first one was created, bitcoin. As the crypto space started to become bigger, leading to a new age of technology, finance, and everything else in between, its popularity has become unstoppable. Critics say that cryptos are a contributing factor to climate change due to the immense amount of energy needed in mining them. This is undeniable, but experts have been working hard to find solutions to suppress any damage cryptos have caused to the environment. They are confident that blockchain technology will not only be able to do this, but it will also play an important role in the battle against climate change. Here’s how.

It can improve efficiency During transmissions of carbon assets, there are usually significant inefficiencies on overhead energy loses during the transmission since companies operate in highly regulated markets and use dated technology.

Using a blockchain-based platforms such as the Virie Market will be able to eliminate these efficiencies since its decentralized, and therefore, doesn’t have to go through any bureaucracies. It can also ensure safety of data since all transactions are recorded in the blockchain storage.

It can help reduce energy consumption While critics pointed out the huge amount of energy consumption brought about by mining cryptocurrencies, Virie Market is changing the game with its automated mining mechanism using a hybrid protocol of Proof of Stake (PoS) and Proof of Work (PoW). Essentially, the users do not need any dedicated high-powered computers nor electricity. All they have to do is download the application, and it will mine on its own.

It can boost the climate finance Using a blockchain-based platform can help in the processing of transparent crowd-funding and peer-to-peer transactions for people who want to donate for climate change improvement projects while being assured that the financing reaches the recipients directly.

It can simplify the trading of clean energy Blockchain technology would allow a simplified process of trading clean energy through peer-to-peer exchange platforms such as the Virie Market.

Consumers can buy, sell, and trade renewable energy with one another using a platform with the most user-friendly interface. They can do this by using Virie Market’s native currency Virie or any other currencies that they prefer.

It can improve the tracking and reporting system of greenhouse emissions

Blockchain can address any double-counting issues for the tracking and reporting of greenhouse emissions reductions. It can also simplify the whole process of monitoring and recording of greenhouse emissions reductions. As it’s a transparent process, it ensures that no one can tamper with the data.

A final thought With everything that is going on around the world today, everyone should be vigilant enough in finding ways in any way we can to help make this planet a better world to live in. We’re lucky that modern technologies like blockchain are now available to help combat certain battles such as climate change.

All we have to do is to utilize it. Climate change is our battle to fight. We should all be participating in it.