{"id":8859,"date":"2018-09-17T00:00:00","date_gmt":"2018-09-17T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/09\/17\/world-economic-forum-blockchains-environmental-conservation\/"},"modified":"2018-09-17T00:00:00","modified_gmt":"2018-09-17T00:00:00","slug":"world-economic-forum-blockchains-environmental-conservation","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/world-economic-forum-blockchains-environmental-conservation\/","title":{"rendered":"World Economic Forum Highlights Blockchain&#8217;s Use in Environmental Conservation"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-size: medium\">The World Economic Forum Foundation has been increasingly involved in programmes that address the global environmental challenges. In its recent report released on Friday, September 14<\/span><sup><span style=\"font-size: medium\">th<\/span><\/sup><span style=\"font-size: medium\">, the Forum identifies as many as 65 use cases for the blockchain technology. <\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: medium\">The report<strong> identifies the importance of conserving the environment <\/strong>and ways in which the distributed ledger technology can be applied in solving environmental conservation challenges. This report comes barely a day after the Forum also jointly released another report which estimated that blockchain technology could add over $1 trillion to the<strong><a href=\"https:\/\/crypto-economy.com\/blockchain-is-expected-to-add-1-trillion-dollars-to-world-trade-in-10-years\/\"> volume of global trade<\/a><\/strong> in the next decade.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: medium\">In the environmental conservation report titled<em><strong> \u201cBuilding Block(chain)s for a Better Planet,\u201d<\/strong><\/em> the WEF identifies at least eight applications of blockchain that it refers to as <strong>game changers<\/strong> if applied appropriately towards solving environmental degradation issues. The report also identifies environmental degradation and climate change as the two main challenges that blockchain applications should be geared towards solving. <\/span><\/p>\n<p><a href=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/earth-BLOCK.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-95761\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/earth-BLOCK.jpg\" alt=\"identifies the importance of conserving the environment\" width=\"696\" height=\"433\" \/><\/a><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: medium\">The eight game-changers that are identified in the report are briefly discussed below.<\/span><\/p>\n<ul>\n<li style=\"text-align: justify\"><strong>\u2018<\/strong><span style=\"font-size: medium\"><strong>See-through\u2019 supply chains<\/strong> \u2013 the blockchain is touted as a transparent medium where the ledger (especially the permissionless ledgers) is maintained by the general public from decentralized locations. This nature of the blockchain applications can be applied to recording transactional data across the supply chain thereby effectively establishing an immutable record of provenance. This application of the blockchain can be used to optimize the supply and demand management while at the same time also discourage the establishment of illegal industries that are the leading contributors to environmental degradation.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\"><strong>Decentralised and sustainable resource management<\/strong> \u2013 by decentralizing governance and supply chain management, crucial resources can avoid having a central point of attack and failure. As an example, the energy grid system and the water management system are great candidates for disruption.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\"><strong>New sources of sustainable finance<\/strong> \u2013 using the blockchain, individuals have better access to capital to create environmentally friendly applications and projects. The green energy sector has seen several projects get funded thus far in a similar manner.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\"><strong>Incentivizing circular economies<\/strong> \u2013 circular economies included products that are renewable and that are often undervalued. For instance plastics and recyclable materials. The blockchain can be used to incentivize global participants to better value these resources and therefore avoid wastage and environmental degradation.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\"><strong>Transforming carbon<\/strong> (and other environmental markets) \u2013 carbon emissions are the leading environmental degraders. Therefore WEF predicts that if blockchain can be deployed to reduce carbon emissions, applications such as those increasing the transparency of the supply chain will be able to achieve this end. Knowing who has the greatest impact on the environment is useful in identifying how to solve the problem in the first place.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"font-size: medium\">The rest of the remaining game-changers include<strong> implementing the blockchain in next-gen sustainability monitoring, reporting and verification, automatic disaster readiness and humanitarian relief and development of earth management platforms<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: medium\">The report acknowledges that adopting the distributed ledger technology is both risky and beneficial and poses three instrumental questions to environmentalists and world leaders who could be looking into solutions to challenges such as climate change though blockchain applications. The questions are: <\/span><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\">Will blockchain solve the actual problems? <\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\">Can you acceptably manage the downside or unintended consequences? <\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-size: medium\">Have you built the right ecosystem of stakeholders?<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"font-size: medium\">This is an eye-opening report full of practical implementations for any environmentally-conscious entrepreneur who is looking to create blockchain solutions to help conserve the environment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Economic Forum Foundation has been increasingly involved in programmes that address the global environmental challenges. In its recent report released on Friday, September 14th, the Forum identifies as many as 65 use cases for the blockchain technology.<\/p>\n","protected":false},"author":4,"featured_media":8861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,74,9157],"tags":[4882],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/8859"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=8859"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/8859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/8861"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=8859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=8859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=8859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}