BLOCKCHAIN
Could Blockchain Help Create a Greener World?

2018-01-20 03:12:26
by Dominic Brown
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Could Bitcoin be an unlikely climate change hero? The power to help save the planet may not be one of the first....

Could Bitcoin be an unlikely climate change hero? The power to help save the planet may not be one of the first potential capabilities that you assign to the rising star of the tech world, but many green enthusiasts are now suggesting that Bitcoin could be a great weapon in our fight against planetary destruction.

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While crypto mining demands a ton of power, mainly from gas and coal sources, helping to up environmental pollution, the technology behind Bitcoin could one day add a green star to its belt. Climate change mavericks and tech enthusiasts have argued that blockchain could allow for governments to more effectively measure and manage our greenhouse emissions thanks to the efficacy of the technology.

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Blockchain also allows for payments to be made directly, without the need for a financial authority to oversee whether or not the transaction is legitimate or not. Many have also suggested that the tech can help make carbon trading far more simple by utilising the benefit of direct transactions.

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In the U.S, the government have set up cap-and-trade programs, which allow businesses to trade their permit allowances on clean energy to other businesses if they stay beneath their \'carbon pollution\' cap. Blockchain would allow for clean energy allowances to be traded by businesses directly, rather than requiring them to use an official U.S government agency to do: effectively cutting out the middleman and making the process more efficient.

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