There is no denying that over the course of the last couple of years blockchain technology has had an undeniable impact on a wide array of markets ranging from finance to supply chains to telecommunications. To put things into perspective, there are over 50 major companies — many of whom are a part of the elite Fortune 500 club — that are actively employing the technology in some shape or form. Some of these players include Visa, HSBC, Barclays, Walmart, Ford, Shell.
That being said, in recent weeks there has been a lot of talk about the adverse environmental impact of Bitcoin mining, leading people all over the globe to start falsely claiming that crypto-based technologies are bad for the planet’s health in the long run. And owing to the fact that blockchain lies at the heart of Bitcoin, it too has been on the receiving end of a lot of misinformed slander.
Change is inevitable. Change is good.
The global economy seems to be rapidly evolving thanks to the power of decentralized ledgers. For example, through the use of blockchain systems it becomes extremely easy for users to handle, proces, transfer voluminous amounts of digital data in a manner that is efficient, streamlined and transparent.
Not only that, since these systems do not feature a central point of authority, they are highly secure and are able to weed out all of the middlemen that generally tend to consume a lot of extra resources. For example, in most traditional supply chain setups, there are many potential points of failure — related to traceability, end to end connectivity, real time logistics tracking, etc — that can easily be addressed by blockchain enabled systems.
Here’s how blockchain can be an environmental gamechanger
Straight off the bat, we can see that by keeping an accurate tab of a vehicle’s usage on a blockchain-based ledger system, real-time increases/reductions related to vehicular emissions can be quite easily verified, quantified, and associated directly with individual vehicles and their drivers.
Not only that, all of the above stated information can be seamlessly linked with the UID of a particular car, thus making it possible for a vehicle’s positive as well as negative impact on its surroundings to be tracked and assessed with the touch of a button. UNA is a blockchain-based automated vehicular tracking system that helps make this process a living reality, allowing users to record and store massive quantities of digital info on a decentralized ledger — that too through the entirety of the product’s life-cycle.
Furthermore, as pointed out previously, such blockchain platforms can also help eliminate/minimize the need for any intermediaries, who typically require a lot of resources. Again, if we were to take the example of a supply chain system, the technology cuts out the need for additional digital administrative systems that usually leave a large carbon footprint behind due to their high level of round-the-clock energy consumption. For reference, we can see that a whopping 5% of America’s entire energy production haul goes towards powering computers and other similar digital devices.
The future looks deliciously decentralized
As the blockchain and digital asset market continues to expand at a rapid rate, it appears as though it will only be a matter of time till we see the mainstream adoption of decentralized ledgers, especially within fledgling industries such as the automobile sector, energy distribution market, manufacturing, healthcare, and much more.
Furthermore, it also stands to reason that with all of the rapid innovation taking place within this space, in the months ahead, we will continue to see the emergence of novel blockchain platforms that will be able to help companies track (as well as minimize) their carbon emissions in a simple, automated way.
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