There are over 65 ways of blockchain tech use for solving some of the most urgent environmental issues facing mankind today, according to new research by the World Economic Forum (WEF).
The study, released at the Global Climate Action Summit last week, elaborates on how blockchain platforms could “incubate responsible blockchain ecosystems.”
Blockchain platforms are irreplaceable in decentralizing management of energy and water, creation of supply chains that help promote greater sustainability, as well as in fundraising the sums of money to be required to deliver “low-carbon and sustainable” economic growth.
According to the research, there are six environmental challenges which can be resolved by blockchain tech: biodiversity and conservation, climate change, oceans, water security, clean air, weather and disaster resilience – each of which is subdivided into more precise areas.
The report stated that developers, investors, and governments are largely ignore blockchain-powered opportunities when in fact they will enable to “unlock and monetize value that is currently embedded in environmental systems.”
Currently, blockchain projects are actively used to provide the sustainability of tuna stocks by tracking fish from origin to stores, to explore how to boost solar power projects via distributed trading or reducing greenhouse gas emissions.