Blockchain And Sustainability: Oxymoron Or Panacea?

Blockchain And Sustainability: Oxymoron Or Panacea?

Share to Linkedin Today, the way in which transactions are secured and trusted on blockchains uses colossal amounts of ... [+] energy. But there are greener ways to power public blockchains. On a January day twelve years ago, as protesters occupied Wall Street's Zucotti Park to protest economic inequality, an anonymous developer deployed bitcoin's original reference implementation. Coded into the first 50 transactions was a secret message: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". For myself and many others, this remains a clear indication of bitcoin's intended purpose: to offer an alternative to an unjust global financial system controlled by central banks and politicians. Social impact-focused applications for blockchain tech have always been a core part of the space. Back in 2013, when I first began exploring its potential to prove impact in supply chains, others were using these decentralised networks to enable fair banking for the unbanked, or to track charitable donations and carbon credits. So what is it about blockchain technology that makes it an effective tool for building a fairer, more sustainable world? And crucially, does blockchain's growing carbon footprint render the benefits null and void? Blockchain has the power to drive positive