Blockchain fighting climate change

Blockchain and distributed ledger technologies (DLT) have been applied to many things, but there is increasing interest in its utility for supporting sustainability and climate change efforts.

Bitcoin Insider gathers the views of a diverse range of experts, from activists and consultants to the World bank, and reports many ways in which blockchain can be leveraged.

Digital solutions can be helpful tools to support a low-carbon economy, according to Tom Baumann.

He cites World Economic Forum estimates that digital solutions can help achieve 15% of the Paris Agreement goals. Baumann is founder and co-chair of the Climate Chain Coalition, an open global initiative to advance collaboration on blockchain/DLT and digital solutions to enhance climate actions.

These solutions can be used throughout the entire economy, argues Baumann, creating smart grids and buildings, smart transportation, integrating with digital services and more.

Other applications cited include blockchain as a distributed network design that enhances transparency and reduces information asymmetries among heterogeneous climate actors, according to TU Berlin, and a KPMG assertion that by leveraging smart contracts, can automate and incentivise participation in sustainable practices that require tight coordination between individuals, governments and companies.

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