Blockchain has sparked the interest of several global audiences, especially business professionals compelling them to join hands with leading Blockchain software development companies. Dramatically expanding the possibilities of decentralization, cryptocurrencies have become the way to go for smart contract development across various domains.
One
of the over-rated platforms of Blockchain is Bitcoin, which is regarded as
distributed ledger technology. Here, the data is stored in the blocks securely.
This data can only be viewed but not altered. Each block has details of the
previous block which makes it impossible to modify.
An
important thing to note is that the data in a block is not tied to a single
server, instead, the block data gets replicated and stored on some other
bitcoin mining nodes.
The
movement of data via the dispersed collection of nodes is governed by a
permanently locked set of regulations, or "Protocols."
Blockchain in Sustainable Future Development
Most
businesses today are tending to make a clear goal that their blockchain company projects should be built through sustainable solutions. Blockchain technology
is trying to establish new funding policies to unleash new sources of funding
to help businesses reduce carbon emissions and contribute to the environment.
This will also improve availability, honesty, and accessibility to credit among
businesses.
With
respect to blockchain sustainability, there are about 17 global objectives
centered around sustainable development issues including poverty, poverty,
climate change, education, equality, infrastructure, land and water, and
production/consumption.
The
United Nations Sustainable Development Goals (SDGs) have emerged as an
organizational framework for several asset owners worldwide, specifically those
who are looking for a themed investing strategy.
Blockchain: The catalyst of the Green revolution
As
per Morgan Stanley's survey of investment banking firms, 78% of asset owners
and investors of sustainability are also considering at least one relationship
with the SDGs as part of their investment strategy. The SDGs provide a
framework for thinking about and seeking effect in the context of thematic
investment.
Due
to the Global importance and immediate effect on the human future, the United
Nations organized a set of strategic goals in the 2015 General Assembly
session.
These
goals are basically known as the Sustainable Development Goals (SDGs). Some of
them are as follows:
- Eliminating impoverishment in all aspects of life across the world.
- Eliminating malnutrition.
- Attaining enough food supply
- Encouraging ecologically responsible farming.
- Fostering fair, inclusive, and viable economic growth.
- Full and productive employment; and decent employment for all.
These
SDG goals have been incorporated into the 2030 Agenda as well, which is focused
on carrying out the tasks required to attain these goals by 2030.
The
ITU (International Telecommunications Union), and the UN Agency (who oversees
the advancement of communication and Information Technology) have been studying
the potential of Blockchain in accomplishing the SDGs.
Achieving
all these SDG goals requires proper financing and a keen focus on the measures
required for execution. The right use of Blockchain technologies and related
tools can minimize obstruction occurrences and process delays and accelerate
funds availability with reduced disputes in the move.
Why does Blockchain support SDG Achievement?
Blockchain
technology's rapid development shows no indications of halting. Many
implausible things against this secure technology have turned out to be
incorrect throughout the last few years like excessive transaction costs, net
fraud, recovering lost data, double spending, and many more. Blockchain
Technology can assist you in preventing all of these concerns.
Blockchain
can contribute to SDGs in several ways. The crucial ones are here:
- It promotes accountability and security of resources offering fine traceability and transparency for all roles.
- It manages to deliver resiliency and provides safety precautions to stop any form of manipulation that could affect other individuals.
- Assuring the observation of activities via the execution of smart contracts, which validate the Blockchain event happenings.
Transparency Through Blockchain: Exposing Supply Chain Footprints
Every
business knows how complicated it is to ensure transparency and traceability,
whether it is in finance or it is in operational processes. Blockchain
technology has come as a boon for businesses helping them minimize efforts with
implausible traceability and transparency in every transaction of the supply
chain. Blockchain-based systems help businesses uncover footprints of the supply
chain and ensure fair trade with accountable industry-based practices.
Blockchain-enabled
integrity uses blockchain to offer information about supply chain footprints.
We are well aware that the supply chain is an integrated network of
organizational assets, and activities engaged in the P&D
(Production-delivery) of goods and services to end users.
Although
there are a lot of advantages to be seen with other technologies in the supply
chain, many of them cannot guarantee the accuracy and reliability of data
entered into the system. Blockchain is one such technology that promises
accountability with all these things.
It
uncovers supply chain footprints and gives a huge promise for more open,
efficient, and responsible supply chains that benefit businesses, customers,
and society.
Empowering Local Communities through Decentralized Renewable Energy
The step toward an environment-friendly future is a
complex yet necessary step for a better future. This is especially important
for industries moving with non-renewable energy resources. What are the
best ways to do so?
Blockchain technology, by building a peer-to-peer
energy marketplace, can enable the decentralized trading of renewable energy.
Individuals and groups may proceed with trading
renewable energy directly using smart contracts and digital tokens. This will
eliminate the traditional energy intermediaries or brokers helping local people
save time and money.
In fact, this will allow local populations to reuse
clean energy and promote the expansion of renewable energy infrastructure.
What is Decentralized clean energy trade?
It is an innovative concept that permits local
communities to take part in production and delivery. It enables businesses and
other individuals to generate power from renewable energies such as solar
panels or wind turbines and sell any extra energy back to the grid or directly
to other local energy market players.
Generally, decentralized green energy trading gives
local communities seamless power over their energy production, consumption, and
financial advantages. It fosters sustainability, resilience, and economic
opportunities while contributing to a more decentralized and ecological energy
future.
Carbon Credit Tokenization: A Revolution in Emissions Offsetting
Tokenizing
carbon credits is a mind-boggling concept that employs blockchain to create
digital tokens. These tokens are reflected as carbon credits for
revolutionizing emissions offset as an objective.
Now
what are marketable units? There are measured-driven units that indicate the
greenhouse gas emissions status (increased or decreased).
Companies
tend to reduce greenhouse gas emissions using carbon credits that are
incentivized by emission-reduction programs. However, the current carbon credit
market is sometimes complex and many times opaque. Blockchain can help to solve
these problems by tokenizing carbon credits providing a way for a transparent
and accessible economy.
Carbon
credit digitization on a blockchain provides organizations and individuals an
opportunity to engage in offsetting emissions and contribute to carbon
neutrality goals.
Blockchain enabling Circular Economy and Resource Efficiency:
Blockchain
has the potential to hasten a sustainable and circular economy. It assists in
organizing collaborative networks that allow for flawless resource sharing and
recycling.
Blockchain can resolve sustainable concerns through carbon
credit tokenization, making them transparent and accessible.
Tokenization involves creating digital tokens representing
reduced greenhouse gas emissions.
Blockchain platform promotes the circular economy by
optimizing resource tracking, sustainability, and collaboration.
To
put it simply, carbon credits are useful for reducing greenhouse gas emissions
because they incentivize emission-reduction programs. So, that’s all from this
Blockchain-related blog. I hope you have learned several things about
sustainable approaches.
Conclusion
Businesses
may profit from the circular economy and become more efficient, transparent,
and inclusive by embracing blockchain technology. Other benefits include
resource optimization and tracking throughout their lives, sustainable best
practices, and the establishment of collaborative networks for resource sharing
and recycling.
In
this article, we explored how blockchain technology piqued the curiosity of
various commercial clients. We investigated the relevance of blockchain
and its role in improving environmental sustainability. Finally, we heard about
the SDGs' goals and how businesses should use blockchain to implement important
measures.
Author Bio:
A passionate Technical writer and an SEO freak working as a Technical content manager in a reputed Java development company. Having served in the Information technology, Services, and Product industry for years, I relish writing about technology, and love sharing impeccable insights on various platforms. I believe in constant learning and am passionate about being better every day.