The blockchain technology is definitely one of the best creations after the internet. It is predicted that the blockchain will create new ways industries are operating and it will explore new methods of approach to problems that have been present in our society for many years. For instance, it can be adopted to help stop the problem that is climate change.
If you are wondering how we will explain 4 ways that the blockchain technology can help us save the environment.
As we are getting oversaturated with garbage that can be recycled, we are slowly investing money into the recycling business. Blockchain technology can monitor which companies are investing, how much are they investing, and are those investments going to the proper places. Encouraging participation and enforcing the will of the people on the companies that are not doing anything about it.
Supply Chain Management
As many people are doing their daily shopping, many are wondering how the products that they are buying are being made. This information is not often attainable by the common man, and even when it is there is little that he can do about it. As the product changes several hands before it gets to the store it’s hard to keep track of everything that happens from the production line to the store. Blockchain can help us identify where every product comes from and what was its journey till it got here.
This gives the power back into the hands of the consumer.
Nonprofit organizations are growing in numbers, however, there are many that are being corrupted by certain individuals that are not working for the greater good. The bureaucracy of this particular kind of organizations tends to lose track of many donations and it’s hard to hold them responsible for the mismanagement when we can’t keep track of every transaction that comes inside and that goes outside of the organization. The blockchain can remedy that as it can safely store information on every financial transaction that is being donated to the nonprofit organization and can liquidate the need fora third party in those transactions. Furthermore, it can hold responsible every organization that is not using its investments as promised.
When it comes to energy all power grids are centralized. Blockchain wants to first decentralize that, and after it has established itself in the energy business it can slowly build up a network that can distribute surplus energy in a more efficient way.
In short blockchain technology is amazing and its implementation in our daily lives can revolutionize how we deal with certain things. The important part to grasp is that once blockchain starts to decentralize certain systems it will be an avalanche of actions where we will see blockchain establish itself. We can only hope that we can start implementing the blockchain technology in time as there have been several climate change warnings that it leads to believe we might be too late to help reverse the path we began our journey on.