While Bitcoin has been criticized for being a huge energy consumer, blockchain technology can also contribute toward solving our energy problems while looking after the environment, pushing us toward a more sustainable future.
How Blockchain Can Help?
New blockchain solutions are making clean, decentralized energy, such as rooftop solar power, much more accessible, affordable and easier to adopt. Blockchain can also enable neighbours to trade clean energy with each other, without needing to go through a utility. It can even power systems that encourage people and businesses to conserve energy. There are already perks for eco-conscious individuals and their (digital) wallets, with new blockchain systems that reward those who take action against climate change.
Natural Resource Management
Blockchain also enables natural resource extraction, public land management, and pollution levels to be made easily visible to citizens and city officials. By recording asset ownership on a blockchain, the number of resources being extracted from the ground at a certain time, or levels of air and water pollution can be integrated into a single secure data flow that can be made visible to any interested party.
For city officials, this can improve the way resources are managed, and for citizens, it can provide the opportunity to make more educated or environmentally conscious decisions. Meanwhile, large-scale projects involving land registries and industrial resource extraction can be precisely measured and inspected to verify that no resource has been unduly extracted or that all legal restrictions on particular resources and geographies have been observed.
Altogether, blockchain offers the possibility to digitize and monitor clean energy production and consumption and with decentralised autonomous organisations, decisions can be made without greed or outside influence ensuring more enduring and sustainable energy initiatives are created. As a new digital age arrives, blockchain-based solutions oriented towards clean energy management stand to be automated through smart contracts, with additional decision making being done by artificially intelligent and “big-data” based machinery.
Which is why on today’s #AGICHAT we ask
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