As Irreplaceable tokens There was an upsurge at the beginning of this year, and many climate-conscious artists Expressed their opposition The energy consumption of Ethereum. In May, Elon Musk subsequently derailed Bitcoin (Bitcoin), citing the energy consumed by Bitcoin as the reason for Tesla Withdraw its plan to accept BTC is used as payment for its electric vehicles.
Both of these events have sparked heated discussions within and outside the blockchain community. In particular, the debate tends to focus on two areas: Bitcoin’s energy consumption and its dependence on climate-damaging fossil fuels and renewable energy, and secondly, the benefits of one blockchain platform over another — usually focusing on Consensus model and promotion proof-equity as a more environmentally friendly option.
Every debate is full of arguments from both sides. If the IPCC is correct, then the need to take drastic action to help reverse some damage cannot be overemphasized. For this reason, the focus should be on the active application of blockchain.
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Take advantage of blockchain
An important way in which the influence of the blockchain has been great is that it can crowdsource a large amount of wasted energy-these energy sources are aggregated and re-ignited for further use. The energy wasted by crowdsourcing complies with the following principles: Circular Economy, Eliminating the disposable culture, recycling available resources as much as possible. Computing power is an example.
Whether it is on a personal laptop or a commercial server outside of office hours, there is a lot of wasted idle computing power on the hardware, especially when it is not in use. At the same time, companies such as Amazon Web Services are meeting the huge demand for computing power, and the company continues to build new data centers to meet this demand.
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Blockchain networks, such as Cudos’ decentralized cloud computing platform, redirect and utilize the idle computing power of idle computers, thereby reducing waste in the process. Other networks such as Filecoin or Bluzelle focus on storage services, but the principles remain the same.
Decentralized Energy Network
Other projects are using this concept to decentralize energy networks. The Brooklyn Microgrid is a hyperlocal program that allows solar “prosumers” (producers and consumers) to sell their surplus by pooling it into a microgrid that other participants can buy. This is a “local, global thinking” project, which proves that if you are willing to start from scratch, everything is possible.
In Vienna, the government Previously funded an initiative Allow citizens to obtain token-based rewards by identifying sources of hot waste that can be recycled back into the energy network. Slightly different variants of the same decentralized theme, but using the same principles of using blockchain technology to achieve greater benefits.
Green certificate without trust
Blockchain technology can also play an important role in bringing transparency and accountability to the role of governments and companies in responding to climate change. After the EU’s Sustainable Financial Information Disclosure Regulations were introduced earlier this year, the transparency of ESG (Environmental, Social and Governance) affairs now occupies an important position on the CFO’s agenda. In the broadest sense, the regulations require banks and financial institutions to classify their investment products based on their green certificates.
Using blockchain to store and verify this information will increase visibility and greatly increase investor trust in products with ESG certificates. Consumers and businesses can choose according to the algorithmic ESG ranking of any type of organization on the blockchain, and this idea quickly becomes easy.
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It will no longer be enough to be the “least worst” blockchain platform, and the community is far from powerless in responding to climate emergencies. It has powerful technology and some of the best, smartest and most innovative thought leaders in the world.
Obviously, blockchain technology can be applied to countless positive use cases, which contribute more to the green cause than they take away. In doing so, blockchain technology provides a stronger argument for its application in environmentalism, rather than opposing them.
The views, thoughts, and opinions expressed here are only those of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Matt Hawkins He is the founder and CEO of Cudo Ventures, a global cloud computing and monetization software provider, and Cudos, a decentralized cloud computing network that bridges the gap between cloud and blockchain by recycling idle computing power around the world. He previously founded C4L in 2000. The company was acquired in 2016. It is one of the fastest data center ISPs in the UK. It supports approximately 1% of the UK’s Internet infrastructure and has won multiple fast-growing awards, including: “Sunday The Times” Tech Track 100, Deloitte’s UK’s top 50 high-tech high-growth companies and Europe, the Middle East and Africa’s top 500 high-tech high-tech companies, etc.