Global warming is bringing home agonizing wildfires and heat waves. One of the alleged reasons for climate change is a cryptocurrency that has been dropping in value. In reality, global warming’s primary cause is not crypto-associated but related to deforestation, cement construction, abundant use of fossil fuel, etc. There has been heated debate about BTC and other cryptos fueling planet earth’s warming. There has been small research on how crypto minors use colossal energy.
Cryptocurrency uses blockchain technology. It is a peer-to-peer transaction that occurs on a public ledger distributed across the network. Miners authenticate cryptocurrency transitions [process is called proof-of-work] by solving a complex mathematical puzzle. The miner that resolves the arcane problem is rewarded with mines crypto but tremendous energy is used in solving the math puzzle. The Crypto community is aware and has planned to go carbon neutral within 5 to 7 years.
Encourage green blockchain projects
Ethereum is introducing Version 2.0 where the move is from proof-of-work to a proof-of-stake. It will use extremely less energy but can compromise some other blockchain properties. Carbon Offsets and sharding is used to generate green blockchains or green cryptos. Cryptocurrency is a decentralized, digital currency that just needs an internet connection and a wallet to make transactions. You will need a specific wallet – for example, to store Tether you will need a USDT wallet. ZenGo X YouTube videos can help you set up the Tether or BTC wallet without any stress.
Blockchain can efficiently decentralize the system. Create P2P electricity sharing contrivance for local communities. It will reduce transmission losses as well as motivate to initiate an economic model that uses renewable energy sources like wind, biogas, solar, etc.
A Microgrid project in Brooklyn uses smart contracts for trading solar electricity with the local community over biotechnology. Tokenize such clean energy trading projects and donate to poor zones.
Tokenization helps to offer an incentive as well as encourage the recycling of electronic and industrial waste. Reward system also helps in encouraging regenerative agriculture. The core feature of the majority of green blockchain technology is smart contracts. It helps to propel the reward mechanism, where people are compensated for using energy-efficient sustainable practices.
Track & trace blockchain capabilities
Blockchain technology is capable of tracking and tracing, which can be applied across climate activities. You can monitor the environmental agreements to decrease fraud, prevent manipulation, and enforce action. Even donations can be monitored efficiently using Blockchain tech. You know where the donation from the crypto wallet of non-profit organizations working in the environmental sector go or how they are used.
Manufacturing plants that release greenhouse gases, carbon tax mechanisms, and carbon credit programs can be traced, tracked, and reviewed efficiently with blockchains. In the global supply chain, blockchain helps to build flexibility and efficiency as well as measures carbon footprints to help providers reduce them.
Humans created technologies, which are similar to double-edged swords. It has its good and dark sides. For example, Artificial Intelligence is great for humankind but it can even trigger a world war. Social channels keep everyone connected, which is great but can damage politics, self-esteem, and even health.