Since the frenzy of ineffective tokens began earlier this year, many climate-conscious artists have expressed their disagreement about Ethereum’s energy costs. In May, Elon Musk then derailed Bitcoin (BTC), citing the energy used by Bitcoin as a reason for Tesla to withdraw plans to adopt BTC for its electric vehicles.
These two incidents have sparked controversy inside and outside the blockchain community. In particular, the arguments focus on two areas: Bitcoin’s energy consumption and dependence on climate-harmful fossil fuels versus renewable, and second, the advantages of one blockchain platform over another সাধারণত usually focusing on sens reduction models and part of the evidence as green alternatives.
Every debate is overflowing with arguments from both sides. If the IPCC is correct, the need for drastic measures to help counteract some of the losses cannot be overstated. To do this, the focus should be on the positive applications of the blockchain.
Related: Experts answer: How does Elon Musk affect crypto space?
Use of blockchain power
The impact of blockchain is already significant in that one notable way is the ability to crowdsource large amounts of waste energy – which are assembled and rebuilt for further utilization. Crowdsourcing aligns waste energy with the principle of a circular economy, which eliminates discarded cultures, in order to reorganize available resources as much as possible. And an example of computing power.
Whether on a personal laptop or on a commercial server outside of office hours, there is a lot of wasted passive computing power around hardware, especially when not in use. At the same time, there is a huge demand for computing power that is being met by companies like Amazon Web Services, which are constantly building new data centers to keep up with this need.
Related: No, musk, don’t blame Bitcoin for the dirty energy – the problem is even deeper
Blockchain networks, such as Kudos ’decentralized cloud computing platform, redirect additional computing power from inactive computers and make better use of it, reducing waste in the process. Other networks, such as Filecoin or BlueGel, focus on storage services, but the policy remains the same.
Energy grid decentralization
Other projects are using this concept of energy network decentralization. The Brooklyn Microgrid is a hyper-local enterprise that allows solar energy “projectors” (producers and consumers) to funnel their surplus into a microgrid where other participants can buy it. It’s a “local work, think globally” project that proves that something is possible if you want to start from scratch.
In Vienna, the government previously funded an initiative that would allow citizens to earn token-based rewards for identifying sources of thermal waste that could be recycled into the energy grid. Slightly different from the same decentralized theme, but using the same principle of using blockchain technology for greater good.
Incredible green certificate
Blockchain technology also has a fundamental role to play in bringing transparency and accountability to the role of governments and corporations in the fight against climate change. Since the introduction of the EU Sustainable Finance Disclosure Regulation earlier this year, transparency in ESG (environmental, social and governance) issues is now high on the agenda of key financial officials. In its broadest terms, the regulation obliges banks and financial institutions to classify their investment products according to their green certificates.
Using blockchain to store and verify this information will increase visibility and greatly increase the level of confidence that investors can establish in ESG credential branding products. It is becoming faster to imagine a future where customers and enterprises can make choices based on the ranking algorithmic ESG of any type of company in the blockchain.
Related: How will blockchain technology help fight climate change? Experts answer
Being the “least bad” blockchain platform will no longer be enough, and the community is far from helpless in the event of a climate emergency. It has a powerful technology with the best, brightest and most innovative thought leaders in the world.
Clearly, blockchain technology can be applied to a myriad of positive uses that give more than just removing the green cause. And in doing so, blockchain technology offers a strong argument against them for its application in environmentalism.
The opinions, thoughts and opinions expressed herein are the sole property of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Matt Hawkins Founder and CEO of Kudo Ventures, a global cloud computing and monetization software provider, Kudos is a decentralized cloud computing network that bridges the gap between cloud and blockchain by recycling the world’s lazy computing power. He previously founded C4L in 2000, acquired in 2016 and was one of the UK’s fastest data center ISPs, supporting about 1% of the UK’s Internet infrastructure and was the winner of many fast-growing awards, including: Sunday Times Tech Track 100, Deloitte’s UK Technology Fast 50 and Technology Fast 500 EMEA and much more.