The Foundation of the world economic forum (WEF) are increasingly involved in programmes aimed at solving global environmental problems. In its latest report published on 14 September, the Forum identified 65 cases of possible use of blockchain technology.
The report points to the importance of protecting the environment and identifies ways of using the technology of the distributed registry for environmental purposes. A day earlier, the Forum presented a further report, according to which in the next decade, the technology of the blockchain will be able to increase the volume of world trade by $1 trillion.
In the report of the Forum called “the Creation of the block chain to improve the planet,” the WEF has identified at least eight ways of the application of technology for solving environmental problems, which can “change the game”. The environmental degradation and climate change described in the report as the two major problems to which decision should be brought to the blockchain.
Below are its main application, which, according to the report, “can change the course of the game.”
- Transparent supply chain — here the blockchain is presented as a transparent medium, where centerstone registries are supported by a community of participants located in a decentralized manner. In this case, the blockchain can be used to record an unalterable transactional data in the supply chain, which contributes to optimize the management of supply and demand for goods, but also prevents the establishment of illegal production, leading to environmental degradation.
- Decentralized and environmentally efficient management of resources, where critical resources are guarded from the Central point of attack/failure. For example, this applies to power grids and water management systems.
- New sources of sustainable funding using the blockchain, when people have access to capital to create environmentally friendly applications and projects. In the sector of “green energy” has already implemented several projects funded in this way.
- Stimulation of circular (non-waste) economiesthat have the opportunity to work with renewable products that is often underestimated. For example, this applies to plastics and recyclable materials. The blockchain can stimulate global participation of such economies to reduce losses and minimize harm to the environment.
- The transformation of markets, impact on the environment. Most on the environment are carbon emissions, therefore, the WEF predicts that if you expand the blockchain to reduce emissions of carbon dioxide, applications of technology aimed at improving the transparency and efficiency of supply chains will also be able to achieve your goal. The knowledge that has the greatest impact on the environment, will help to find a solution.
- Other possible applications of the blockchain are related to monitoring of environmental conditions, as well as reporting, test readiness for natural disasters, humanitarian assistance and development platforms of land use.
The report identifies three key issues that must be addressed to environmentalists and world leaders who are actually interested in solving environmental problems:
- Can the blockchain to solve the urgent problems in this area?
- Is it possible to cope with the disadvantages or unintended consequences of the use of technology?
- If there is a proper ecosystem of stakeholders?
In General, the report is aimed at environmentally conscious entrepreneurs who have to create a blockchain solutions to help save the environment.