ENVIRONMENTTECHNOLOGY[WATCH] Saving Energy with Blockchain Technology

Maureen SantosMarch 12, 20194965 min

Blockchain never ceases to prove its importance and capabilities, not only in terms of cryptocurrency and various industries but also in saving energy and preserving the environment.

Bitcoin mining has earned a bad reputation because of the massive energy it consumes. Generally, this energy is produced by power stations powered by fossil fuels while also using other hazardous procedures. It contaminates the atmosphere with dangerous pollutants and adds to the Bitcoin’s vast carbon footprint.

According to PwC economist Alex de Vries, an estimated 2.55 gigawatts (GWs) of energy per year is consumed by Bitcoin mining. This energy consumption is nearly equal to the energy that the Republic of Ireland uses. Miners use the energy to earn cryptocurrency by solving intricate codes called “proof of work.”

The PwC supposes that blockchain could possibly change several current procedures in different industries, governance, and society without the need to burst the energy storage.

Blockchain technology need not be always harmful to the environment. It commits changes on how we produce energy, providing us the opportunity to go green and get rid some of the devastations that fossil fuels inflicted to Earth. As a matter of fact,  the Climate Ledger Initiative seeks how technology can help deal with climate change.

There are ways that blockchain technology can save energy for humankind’s only planet. These include logistical tracking, endorsement of electric vehicles, and a switch on the energy companies’ procedure of keeping records.

Logistical tracking uses blockchain technology to track products moving across the production line starting from factories to shops. The use of technology makes the products accountable while reducing waste at the same time. The possibility of lost or broken products can be reduced because they can be checked more elaborately. This means that fewer products go to waste and fewer products are needed for manufacturing. Both palm oil and coffee industry rely on blockchain technology to trace their products, its production, origin, and their farmers’ identities.

Green Biz said:

“A second blockchain application could spur the adoption of electric vehicles, which use considerably less energy than most gas-fueled vehicles. EVs need recharging to go long distances, and new software apps enable individuals to rent out their private charging stations. These apps use blockchain technology to record such peer-to-peer transactions. EV owners can use the rent revenue to cover the cost of their charging stations and cars, thus enabling more people to buy EVs and use less energy.”

Maureen Santos

She lets everyone become aware of what is happening to our beloved planet Earth and its inhabitants. She can take you beyond the space and find out how neighbor planets are doing. Moreover, she would open your eyes to the things what makes the Earth suffer including the living species and allow you to decide what you can do to help save the planet and the future generation.

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