A report published at the California Climate Action Summit outlines more than 65 ways blockchain can be used to combat the world's environmental problems. The report states that instead of creating individual applications and companies, developers should create new global platforms to develop “green blockchain systems.”
The report, published jointly with PwC and Stanford University, highlights some of the environmental challenges currently facing the world's inhabitants. These include climate change, air and water pollution, and conservation of animal species. It is also stated that blockchain has enormous potential for managing supply chains and creating complete transparency and traceability. Blockchain can help eliminate unethical trading in the market, reduce administrative costs, minimize security risks, and help avoid many lawsuits.
Although distributed ledger technology is often used in the financial and banking sectors, the report found that its application in environmental systems has huge untapped potential, especially in the energy sector.
Sheila Warren, head of blockchain and distributed ledger technology at the World Economic Forum, believes that the technology has already demonstrated its potential to change existing business and government models. She said: "Despite all the hype, there are many obstacles we need to overcome. The technology is still in its infancy, so now is the right time for stakeholders to collaborate on blockchain solutions that will benefit people and the planet."
According to btcmanager.com
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