How Blockchain Can Help Fight Climate Change – Entrepreneurs | Jewelry Dukan

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In the late 1970s, British meteorologist Jonathan Shanklin noticed that ozone levels were beginning to fall. By 1984, the ozone layer over Halley Bay Research Station in Antarctica had lost a third of its thickness compared to previous decades, creating a hole in the Earth’s natural buffer between us and harmful UV rays. During these years, scientists developed an awareness of climate change and how humans are accelerating it.

Over 40 years later, climate change is hitting us on multiple fronts – from food waste to plastic pollution to deforestation and air pollution. Luckily for us, the growing body of technology and other solutions being developed to fight on these fronts is just as diverse. Flashy ideas like technologies that literally suck carbon dioxide out of the air and electric cars made by a certain Twitter-loving billionaire’s company are getting the most public attention, and with good reason.

See also: How blockchain can help fight climate change

The Department of Energy under Joe Biden launched a $3.5 billion program to expand Direct Air Capture (DAC) technology in May, hoping to capitalize on a technology that could significantly undermine the pursuit of carbon neutrality without the people need to consume less. Led by Elon Musk, Tesla promises a future where electric cars will be cool and affordable.

However, we don’t hear that often about the more subtle technologies working behind the scenes to make our manufacturing and supply chain management greener – the AI ​​video annotation tools used to separate recyclable materials or the fully recyclable wetsuits for surfing. A company called Grace Breeding is among the first to use nitrogen fixation technology (NFT) to increase grain yields by 18% during wheat production.

See also: Solving the #1 problem of our time: using blockchain technology to scale climate action

That brings us to the biggest challenge facing everyone in the fight against climate change. It’s not that we lack green technology – the market is expected to grow at 21.6% annually and grow even more over the next few years to 417 billion by 2030. Rather, the problem lies in effectively coordinating national and global efforts, a process known as climate governance.

How are elected officials focused on short-term successes — or the occurrence of such successes — mobilizing countries to adopt technology to address long-term climate and sustainability challenges? How do countries with competing interests cooperate to achieve this goal?

Interestingly, part of the solution to the first problem lies in the second. Particularly in relation to what we know as the West, agreements and commitments between countries tend to last longer than domestic initiatives. The big exception came in the form of Donald Trump’s exit from the Paris climate accords just a year after Barack Obama joined them. Of course, President Biden’s re-entry into the deal signals that the US is serious about making long-term commitments with other countries to combat climate change.

Replicating such a deal with Russia – especially now – or China, the only country in the world that emits more carbon than the US, will no doubt be a much bigger challenge. Such an agreement will inevitably come about if we are serious about reducing emissions around the world. And the Paris Agreement is an excellent first step.

Another major step away from geopolitics and towards Silicon Valley is the adoption of blockchain. Yes, that’s right – the very technology that’s gotten a bad rap for emitting too many emissions in its degradation process. To be clear, that doesn’t mean supporting probably 95% of blockchain projects that aren’t doing anything useful. As a result, blockchain as a technology offers particular advantages when it comes to improving climate governance.

Blockchain provides a transparent ledger that effectively tracks donations to climate causes. With blockchain, governments and watchdog groups can easily ensure funds are regulated by law to efficiently fund climate technology projects. Governments are notorious for inefficiency and lack of accountability, and blockchain can work towards solving this. Its immutability makes it virtually tamper-proof bar a significant hack, and blockchain is notorious for being difficult to hack.

See also: How plugin blockchain technology is helping industries adapt to climate change

It is already being used in the private sector. Climate investment platform Bitgreen, which has raised $5 million in Reg CF crowdfunding on Republic, is building its Layer 1 infrastructure on top of the famous green Polkadot network. The idea is to work towards closing the sustainability gap by empowering climate action initiatives to take advantage of blockchain.

For those still concerned about the blockchain’s overall reputation, even the Ethereum blockchain itself, notorious for its emissions, is being upgraded to a proof-of-stake model that will reduce its emissions by 99 percent . With the exception of the uniquely rigid bitcoin, the entire industry is moving in this direction.

It would be foolish for governments not to use blockchain to fuel innovation and address the climate policy challenge. As governments continue to rely on technology to fight climate change and crypto regulatory frameworks flourish everywhere, we can expect that to be the case.

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