There have been concerns about climate change globally, this change in weather patterns and temperature is a resultant effect of human activities that endangers all lives.
This is why there has been an increased rate of weather events such as floods, and heat among others.
Blockchain technology, though popular for secure and reliable transactions, can play a role in mitigating these climate change concerns.
One of its applications is in the management of projects aimed at reducing carbon emissions using smart contracts.
Normally, companies earn carbon credits for projects such as reforestation or renewable energy efforts to combat the carbon emission that their activities generate.
Using the smart contract, the\ process can be automated in that a company can only earn a set carbon credits when the project they embarked on is suitably offsetting the company’s carbon emission.
This ensures that there is transparency and that organizations do not underdeliver on their
Also, the blockchain ledger can be used to show a clear and auditable record of every organization’s carbon credit.
In addition, blockchain can be used to create a decentralized network that captures and stores
This will reduce false claims of carbon credits and checkmate other fraudulent activities of under-reporting of an organization’s carbon emission.
Environmental impact reporting is then made easier, as everything from carbon emissions to energy consumption can be tracked using blockchain technology and possible disaster’s are unforeseen and adequately prepared for.
In the event that the disaster occurs suddenly, a well-suited response is meted out as well.
Blockchain can also help further to track the help given to the affected people in an environment
hit by disaster, this ensures that there is transparency and that the aid gets to those it was
Blockchain can also be used to create a reward system for individuals who make efforts toward reducing carbon emissions.
This could be in the form of tokens or even cryptocurrency, this will encourage more individual participation in fighting climate change. Increasing the adoption rate of renewable energy can be done with blockchain technology.
A decentralized marketplace for trading renewable energy can be created, this will allow for peer-
to-peer energy trading which will curb energy waste.
A decentralized climate research platform is another potential use of blockchain in mitigating
climate change. On this platform climate researchers can share and store data securely. This will improve collaboration leading to more innovative climate change solutions.
Also, those willing to fund the research can track in real-time where the research project is and how
their funds are spent in addition to the impacts of research projects. This will greatly encourage more climate financing.
There are various benefits of using blockchain in combating climate change, it will accelerate the efforts that have been put in so far, it would also lead to increased efficiency, improved traceability and transparency.
In conclusion, blockchain technology will not make these climate change problems disappear immediately, however; it will help increase good practices and reduce the negative ones that affect the environment.
The technology will also not work on its own, it still requires the effort of everyone, individuals,
government parastatals, and private initiatives to make it work.
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