In today’s time, the blockchain development company is aim at developing the solutions that can bring the positive change in the environment. While the primary purpose of blockchain technology was to form decentralized cryptocurrencies, newer iterations of technology enable companies to develop new value-adding solutions for both the private and public sectors.
The blockchain technology is already getting implemented in many sectors, but many people don’t realize that it has the potential to solve the major environmental problems of today’s era. If this technology adopted globally, it can even stop or reverse the climate change in a highly secured manner.
The blockchain can make it possible to track and verify transactions and interactions while eliminating the middlemen, thus saving costs and reduces the human errors. This can effectively enhance traceability, efficiency, security, transparency, and accountability of environmental projects.
Read below 3 ways that blockchain is being used to help the environment.
Food Supply chain tracking
Undoubtedly, the production of food is one of the biggest environmental concerns. Creation of the food and delivering in the market cause a significant effect on the environment. Most of the people are aware of this fact that results in hard to purchase the things because of the lack of a trusted source of information about the item on sale. Many supply chain businesses are looking for the solution to fix this issue more transparently.
Blockchains can be used to retransform the industry cost-effectively. It has the potential to track the products from the manufacturer to shops while preventing waste, fraud, inefficiency and unethical practices and thus making food supply chains more transparent and secured. Moreover, the blockchain-based solution can help consumers to have a better understanding of how each product was made and shipped so they can easily make more environmental-friendly choices.
Recycling
In the present era, people generally don’t participate in the recycling programs because of low incentives. The recycling programs happened almost in every city but had no participation, making hard to track, trace and compare the impact of such programs.
A recycling program on the blockchain could boost participation by offering a reward in the cryptographic token form in exchange for submitting recyclable items like bottles, plastic containers, cans and more. All the deposition’s and reward’s transactions would be saved on the blockchain and visible to every participant. Blockchain can transparently track the data like cost, volume and profit while evaluating the impact of each company, areas or individual participating in the program.
Carbon Tax
Currently, measuring the environmental impact of the product is difficult as its carbon footprint is not calculated into the price. Meanwhile, there is a very low incentive for consumers to buy products with a fewer carbon footprint.
Calculating and measuring the carbon footprint of each product with the blockchain would bring transparency, accuracy and protect the data from tampering. Blockchain can be used to figure out the carbon tax’s amount to be charged on, at the point of sale. If a product having a large carbon footprint is more costly to purchase, this will encourage buyers to buy products that are environmental-friendly, thus helping organizations to transform their functionality and meet the demand for such products.
The blockchain-based system could also rank the firms on the basis of the carbon footprint of the products they sell, making the manufacturing of the product highly transparent and helps in discouraging environment-unfriendly practices.
Well, if you also want to participate in the race of protecting the environment, you can contact the best blockchain development company, which can build the blockchain-based solutions to help you fight against the environmental causes.