Blockchain technologies are already a game-changer in multiple business sectors and public administration institutions. We have recently discussed their potential to prevent corruption, the possibilities they create in healthcare, and the ways governments around the world are adopting blockchain to improve their internal processes.
Today, we will address another globally relevant subject - energy efficiency, sustainable natural resource management, and adequate monitoring of data related to climate processes. Can blockchain be the turning point of over-consumption? Can the business become greener by implementing blockchain?
The answers to these questions are not uncomplicated and are still under debate. The main argument against blockchain is the relatively high power consumption required for the technology to function. However, can this disadvantage be compensated by the vast number of benefits? Organizations such as the Blockchain for Climate Foundation, as well as the Building block(chain), s for a Better Planet 2018 report by the World Economic Forum, definitely highlight some solid arguments in favor of this theory.
Here are some of the particular ways various private and public organizations can implement blockchain technology for the sake of their eco-friendliness and sustainability in the long run:
- Transparency of supply chain transactions and real-time supply chain monitoring constitute a significant step towards sustainable trade.
- The establishment of an open system designed to control and encourage responsible waste management is the basis for more effective pollution control.
- Improved methods of sustainability monitoring provided by blockchain technologies can be the foundation for adequate resource provision and, therefore, the reduction of waste caused by in-house disinformation.
- Using an integrated blockchain-based database can help for both optimizing the transportation logistics and the creation of decentralized product delivery networks. This is a particularly important step for decreasing harmful gas emissions from inefficient transportation models.
- The use of smart contracts, on the other hand, stimulates energy-efficient transactions between businesses and their consumers. Many companies and institutions have already embraced this approach, not merely for its speed and convenience, but also to promote a broader and more "green" commercial ecosystem.
Toshev & Boteva Law Firm is an active participant in the processes of development and implementation of blockchain technologies, as well as in the timely preparation of precise legal frameworks in which they can be successfully incorporated.
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