Climate change is a global problem that has been getting worse by the day. The Earth’s average surface temperature has increased by 1.50 degrees Fahrenheit since the late 1800s.
The Intergovernmental Panel on Climate Change (IPCC) says that now is the time to act. Otherwise, temperatures will increase by up to 9 degrees Fahrenheit by the end of this century. That would have catastrophic consequences for ecosystems, economies, and human health.
Climate change! What to do?
You can find a lot of studies on the matter, but one approach that seems promising is to use blockchain technology. Blockchain technology is a decentralized, distributed, and secure digital ledger. It was invented to support the cryptocurrency Bitcoin. But it’s also being used for other applications, and one of those is climate change.
In the fight against climate change, there are a few key areas where blockchain technology could play an important role. For example, blockchain can help reduce the costs of green actions and make them more efficient.
Blockchain technology for the environment
Additionally, it could help create a more transparent environment in which companies can track their environmental footprints. By providing a way to track and verify energy transactions, blockchain technology can ensure transparency. All parties involved in an energy transaction have access to the same information.
This information can be used to ensure an energy companies’ policies on the distribution of renewable energy. If they are indeed using renewable energy sources and reducing their emissions footprint. The information stored in these databases cannot be changed retroactively without the consent of all participants. Essentially, it prevents fraud and counterfeiting.
By using a blockchain, customers can be sure that all energy transactions are legitimate. As well, they can verify if their energy provider is not engaging in fraud. This means that customers will have more power to take action against an energy provider that has been breaking the rules.
Growth in sustainable solutions
In recent years, there has been a growing interest in using environmentally friendly technologies. However, the adoption of these technologies has been slow due to the high cost of these products. Blockchain could help spur the wider adoption of green technologies by making them more affordable. One first step – creating a decentralized database of energy data. Blockchain could make it easier for people to identify and purchase energy from environmentally friendly sources.
Utility companies have used blockchain for energy transactions for some time. Take 2014, for example. The Australian Energy Market Operator (AEMO) announced that it will be using blockchain to track distributed solar power transactions in Australia.
The RED Platform also uses blockchain technology and helps simplify, make transparent, and accessible all CO2 offsets. So, if you want to help reduce global emissions, whether as an individual or a company, join our platform. You can also earn passive income by producing and selling or consuming green energy.