Blockchain Technology: An Unlikely Solution for Climate Change!

The article was written by Andy T from Neweraenergy thus all credits goes to them. New Era Energy (NERA) is a blockchain-enabled certification platform for measuring clean energy footprint for both individuals and organisations.

We see deep problems at large, but within these problems, are reasons why climate change is necessary.

  1. Global commitments made are not matched by actions.
  2. Being green has certain branding and economic benefits for companies but there are not much visibility on how corporates become green-certified.
  3. The status quo gives no reason for the everyday person to go green.

An Unlikely Solution

In 2015, the continuous rise of Bitcoin gave more insights on the practical applications for the blockchain technology. While most of the news we hear about Bitcoin are the fraudulent and shady side of it, there is no denying that the technology Bitcoin is built on, has vast potential and can support a wider range of applications.

We were blown away, despite how early blockchain as a technology is for many of us in the coding world.

Trust, how can we achieve it in this digital age?

Trust in today’s world, is the expectation that the other party will act and behave with transparency, honesty, accountability and consideration of goodwill in the transaction.

Yet, since the 2008 collapse of the global financial system, trust in businesses, corporations and government, is at an all time low. How can we trust centralised systems when it has repeated shown that it is prone to the influence of greed and politics?

Vision for using blockchain to achieve a trusted protocol

Could blockchain solve problems in cutting out bureaucracy and possible corporate or political greed in the deployment of green funding?

It is a delicious thought. Think about it:

The blockchain can improve delivery and deployment of funding by eliminating middlemen such as consultants, brokers and institutions who take a slice of the funding before it reaches its destination.

As an immutable ledger of the flow of funds, blockchain can hold individuals and companies more accountable for their actions, and vice versa, more assurance to funders that their funds are or have been put into the cause they specified for.

Now imagine, if you could track each dollar you gave to help our world from the starting point on your smart phone or computer, to the cause it benefits.

With more trust, funds can be deployed faster with more confident.

And with blockchain, can we start a revolution from the ground up? Funding from green-related funds have often been targetted at companies or organisations as they have a mandate to maintain accountability of funds. However, with a trust protocol that even an individual can participate in, can the funds be channeled to support a movement amongst the masses instead?

And make doing green, actually rewarding in nature?

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