Blockchain technology could become a game changer in environmental protection. This is the result of the latest study by the Swiss World Economic Forum. While major legal and technological challenges remain, Distributed Ledger Technologies (DLT) have “crucial” potential to make a difference in saving the planet. For the future, however, more decisive commitment from governments, developers and investors is needed. With the latest recommendations, the blockchain could play a greater role, especially in the climate protection debates at the upcoming annual summit in Davos.
Blockchain for a better planet – the latest study by the World Economic Forum, published last week by the Swiss in cooperation with the consulting firm PwC and the Environmental Institute of Stanford University, bears no less title.
The name says it all. Climate change, species protection, the preservation of the oceans, air and water safety and the threat of natural disasters – these are the challenges facing humanity at the World Economic Forum.
In the report published on Friday, 14 September, the Foundation, known for the World Economic Summit in Davos, is now showing a variety of solutions for how blockchain technology could tackle these groundbreaking problems.
This is how the Geneva-based foundation emphasizes the Bitcoin evolution:
While the challenges [in environmental protection] are urgent and extraordinary [great], they also fall into an era of unprecedented innovation, technological progress and global networking – the ‘Fourth Industrial Revolution’ like this: Is Bitcoin Evolution a Scam? Beware, Read our Review First.
The fact that Bitcoin evolution blockchain technology in particular will be able to provide answers and solutions in the future is demonstrated by the Swiss using 65 application examples. These are intended to highlight how the management of resources, sustainable growth and value creation can be achieved with the help of the blockchain.
Blockchain as Game Changer
In this context, the Foundation is bringing eight “game changers” into play – areas in which fundamental change is just around the corner. While the report addresses already familiar models such as the monitoring of supply chains or the monitoring of resources such as tree stands or water bodies, the Geneva report also highlights applications that have received little attention so far. One of the Foundation’s key areas, for example, is the possible transformation of the carbon certificate market.
“Blockchain platforms could be used to use cryptographic tokens […] to optimise already existing trading platforms for carbon [emissions] or other substances and to create new opportunities for trading certificates.
This plays an important role in the international handling of the climate change engine CO2.
Hurdles for more blockchain commitment
At the same time, the report calls for action. Despite promising forecasts, a large number of areas of application are still unaffected by developers, governments and investors.
A particular reason for such a stronger debate would lie above all in the challenges that still stand in the way of blockchain use. The people of Geneva write, for example, that the contribution that blockchain solutions could make would be “considerable”. Nevertheless, the technology is still at an early stage with many hurdles that need to be overcome.
States and international institutions, for example, must create legal clarity worldwide and thus lay the foundation for broader application. But industry is also called upon to do its part. Above all, industry must regulate itself and develop common standards.