Blockchain applications in sustainability
Now and then, we wake up to some new technology that promises to change the world. Blockchain — as a distributed ledger technology DLT — has come to be one of those widely acclaimed disruptive forces. The hype surrounding the technology has sparked anything from vivid dreams to sobering disillusionment during the past couple of years. While some argue that it will completely revolutionise the social and economic fabric of our societies, others discard the technology as a self-indulgent hype by enumerating its shortcomings and pointing at the suitability of existing technologies such as traditional databases, cloud computing or cryptography. So what is all the buzz about?
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The blockchain as a service BaaS company, based in London and Barcelona, was founded in to provide a suite of blockchain applications simplified for end-users. Apart from energy, other industries targeted by the firm include chemical, automotive, consumer goods, health and travel.
Being able to present evidence of progress in metrics is how this can be done. In the renewable energy sector, strides are also being made. ACCIONA , a Spanish-based renewables company, recently announced its future use of platform ClimateTrade to leverage blockchain to transact carbon credits between generators and purchasers in a carbon offsetting mechanism.
Meanwhile, Water and Electricity Works Walenstadt WEW , backed by the government in Switzerland, piloted a blockchain local electricity market where participants could buy or sell solar energy. The results were useful, pointing towards needed improvements in hardware for future implementation. However, the blockchain software was successful. Hosted by UN entity, the ITC, the application allows the public to access a bank of neutral data from multiple companies to see information on the origin of products.
Joined by Nestle , amongst others, the tracking platform aims to increase sustainable food sourcing and provide product traceability to consumers. In the recycling sphere, Dell has partnered with VMware to implement tracking of recycled packing material, accessible by customers. With reciCHAIN being launched by BASF in Canada, the recycling of plastics is made easier by manufacturers stamping their products with digital badges that identify its polymers, giving waste collectors an easier job.
Blockchain platform Depopsy , launched by German association BIOTA, using distributed ledger technology and cryptocurrency, even allows the public to take a more active role in recycling. With this scheme, plastic waste collection for recycling is payable through vending machines and QR codes for small amounts. The complexities of tracing a global supply chain require software, and Finboot offers MARCO as their solution to the problem.
MARCO builds on these ledgers to provide authentication and corporate oversight systems. Blockchain implementation for ESG purposes is gaining significant traction already, with many platforms being launched and tested in the last year, utilized by household names and big market players.
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Build it on Blockchain: A sustainable
Massimo Pizzol Lecturer. Project Details. Layman's description The Blockchain technology has been hyped substantially in media during the recent years, both in connection to its use in Bitcoin, but also as a technology in its own right. This is an emerging technology for secure and free transactions of products based on the collaborative effort of a network of users and — according to technology experts — is expected to bring radical societal changes. Financial, IT, and start-up companies are dedicating much attention and resources to the development of Blockchain-based applications, both worldwide and in Denmark. However, solid scientific studies estimating the effects of expected Blockchain applications are currently lacking and, due to the rapid widespread of the technology, are urgently needed in order to anticipate potential unwanted environmental and social consequences.
How Can Environmental Sustainability Benefit with Blockchain Technology?
Next Back to Top. Our sustainCHAIN consulting and development services combine technology experience with sustainable innovation management: The blockchain is a complex technology, seemingly abstract. Its promises are great, but it takes detailed analysis to understand its concrete business impact. Why is the technology considered as "disruptive"? Which sectors are most likely to benefit from blockchain applications? When are distributed applications an opportunity for companies and when a threat? When do other solutions meet the intended purpose and when does the blockchain achieve new levels of efficiency? In order to answer these questions, we have developed a range of services suitable for every stage of familiarization with the blockchain technology:.
Blockchain and Sustainability
Throughout our history, humans have leveraged technology to bring about a more sustainable future. As early as the third century BCE, the Indian emperor Ashoka issued edicts on topics including animal welfare and the importance of environmental stewardship on stone pillars erected throughout his country—the ancient equivalent of an email blast to a nation of subjects—while renewable energy reliant upon wind, water, and biomass fuelled the development of human civilisation up until the midth century. It's no surprise, then, that many have seen the relatively recent financialisation of our world as not only an opportunity to profit, but yet another chance to create new processes and tools to build a better future. One of those processes, the concept of sustainable investing, or the idea that an investment strategy can generate both attractive financial returns and positive social or environmental change, is rapidly growing in popularity.
Sustainable Blockchain Technologies
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Blockchain 3.0 for Sustainable Development
Home » Event » WTO Public Forum » Blockchain and the future of trade: Fostering sustainability and inclusiveness through innovative distributed ledger technologies. The panel focused on the various applications of blockchain within the context of trade and fostering sustainability. It debated current applications but was predominantly looking into both the short-and-long-term future concerning the applications and implications of the technology. He cautioned that a crucial point is the data that is fed into the blockchain application and that it will be important to ensure that the data is of high quality. He highlighted that there are five elements to describe data quality: relevancy, recency, range, robustness, and reliability.
Blockchain technology can help organizations drive more favorable enterprise environmental, social and governance ESG outcomes. However, the technology has drawn scrutiny over energy consumption. In recent months, stakeholders such as institutional investors and environmental organizations have made public statements about how blockchain technology can exacerbate climate risk due to high energy consumption. But such claims are an oversimplification of highly complex and quickly evolving technological developments.
Professor Vikas Kumar Vikas. Kumar uwe. Blockchain technology is a revolutionary new protocol for sharing and updating information by linking ledgers or databases in a decentralised, peer-to-peer, open-access network. Blockchain is designed to ensure the data is stored and updated in a secure, tamper-proof and irreversible way. Despite being in its nascent stages, the blockchain research is developing rapidly in different fields, making it imperative to capture the ethical and sustainability implications of blockchain development and implementation. The circular economy also focuses on enhancing sustainability and social responsibility, alongside economic growth.
The purpose of this study is to explore how to apply blockchain technology to intelligent transportation, create a hierarchical theoretical framework of intelligent transportation, and explore a sustainable application system of intelligent transportation under the blockchain. However, not only this hierarchical theoretical framework must consider unnecessary attributes and the interrelationships between the aspects and the criteria, but also the sustainable application system must be in consideration in multiple stakeholders. Hence, fuzzy set theory is used for screening out the unnecessary attributes, a decision-making trial and evaluation laboratory DEMATEL is proposed to manage the complex interrelationships among the aspects and attributes, and interpretive structural modeling ISM is used to divide the hierarchy and construct a hierarchical theoretical framework. Finally, the research develops a sustainable GCU application system for intelligent transportation under the blockchain. The results show that 1 solving social problems is the primary link, 2 economic tasks are mainly focused on smart contracts and affected by the social problems, 3 the continuous improvement of environmental issues requires a solution to social problems, and 4 the application system of blockchain in intelligent transportation needs to be built from three levels including the government layer, the company layer, and the user layer. This theoretical hierarchical framework aims to guide intelligent transportation toward the application of blockchain. This study also proposes the engagement of stakeholders for establishing a sustainable application system.
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