How Blockchain Technology is Good for the Environment
Cryptocurrencies have been infamous for their adverse environmental effects and high energy consumption. Fulfilling computations linked with blockchain mining entails excessive energy requirements.
However, cryptocurrency like the Bitcoin SV’s (BSV) blockchain technology stands out from the crowd. Unlike other blockchain technologies, it is more energy-efficient and is often developed for environmental applications.
Read this article to learn more about how blockchain technology can be good for the environment.
The Positive Impacts of BSV Blockchain on the Environment
Here are five ways BSV blockchain is promoting a sustainable environment.
- Stores and communicates climate data on the BSV blockchain
WeatherSV, which is based on the BSV blockchain, lets users all around the globe spend a minimal amount of BSV to have access to weather channels. You subscribe to receive weather updates from the BSV blockchain, including meteorological conditions, climatic data, etc. The data pertains to a certain city, and its network is securely stored on the blockchain and then made publicly accessible.
You may, for example, capture data published on a public blockchain at a certain interval, even every hour. WeatherSV intends to construct data markets over time so that academics, government agencies, and commercial firms that use temperature control devices, construction devices, and wearable technology have a common source of accurate climate information.
Since WeatherSV is on a public blockchain, everyone can see it, and whoever owns the data could monetize and receive rewards in BSV.
- Predicts the benefits of trees
Predict Ecology, a BSV blockchain application, better utilizes data to enhance the environment. It uses IoT sensors to follow trees around Australia, recording all forms of data.
You may, for example, record and monitor a tree’s carbon dioxide absorption. You can calculate how much energy can be saved if the tree is preserved. It also stores all of the information on a public blockchain so that the city stakeholders, academics, and companies working on environmental solutions may access and pay for it. The city can even profit from the information.
- Blockchain mining will use less energy
When you consider the huge amounts of money already spent in the framework of current mining operations, it’s clear that transitioning to more energy-efficient technologies will be difficult. Several recommendations have been made to help tame the energy-hungry blockchain technology. Elon Musk, for instance, met with the CEOs of crypto mining businesses to examine their energy use.
The intended outcome will be forming a Bitcoin Mining Council dedicated to increasing energy transparency. There’s also a climate agreement program to have blockchain operate entirely on renewable energy by 2025 and attain zero emissions in the crypto ecosystem by 2040.
To achieve a more sustainable blockchain mining, it will involve decarbonizing blockchain. This means switching to more energy-efficient consensus methods and ensuring that projects requiring the Proof of Work algorithm have their mining farms in places with abundant energy resources.
- Monitors carbon footprint
BSV blockchain can also pave the way to a zero lifestyle. RecycleSV uses data to generate incentives for individuals who recycle based on the BSV blockchain. With a smartphone application, you may scan a can or a bottle using the QR or bar codes available. You must then confirm that it has been disposed of at a recycling point examined.
Consequently, you can track how much recycling you’ve done, how many points you’ve earned, and how many tokens or even BSV you’ve received as a customer. It gives people a direct monetary incentive to recycle. Similarly, recycling a specific item may be validated and audited on a public blockchain. This results in more accurate recycling data, useful for commercial planning.
- Pays for ecological services
A Payment for Ecological Services – Proof of Concept (PES-POC) has been created to allow payments using blockchain for ecological services. It comprises a blockchain-based smart contract manager that hosts seller and buyer accounts.
It has a web service connection that links the components above with client interfaces and a land cover categorization system running on Google Earth to check ecosystem preservation and wildlife protection providers. The Google Earth Engine monitors land and vegetation conditions to maintain the environment, allowing for automated performance certification and compensation payout approval.
The system is particularly resistant to corruption due to smart contracts. This adaptable tool may help funders and wildlife conservation implementers establish a comprehensive agreement. The system handles compensation payments from various sources to multiple recipients without intermediaries and following the agreement’s terms.
The fees are deposited into the beneficiaries’ smartphone-based digital wallets, eliminating the complexity that confuses and dilutes traditional schemes (such as currency translations, bank account processing, convenience fees, and unlawful third-party diversions).
The BSV blockchain combines the power of data and money to build a system that allows individuals to have information and maximize it via monetary worth. It can drive honest environmental sustainability programs with BSV incentives and document on a tamper-proof record.
Blockchain applications can help the world establish its environmental sustainability goals and mitigate climate change, wildlife extinction, and other environmental issues. Blockchain for environmental sustainability can also simultaneously manage large volumes of data, such as weather, traffic, and environmental data.
Blockchain technology might just be the world’s large-scale solution to recover from environmental issues and monetize on a network that can grow to meet such demand.