Cryptocurrency and blockchain technologies address global challenges including environmental crisis through carbon offsets
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- The United Nations Environment Program sees blockchain as a potential opportunity for reducing carbon emissions and other environmental impacts experienced globally
- Cryptocurrency and blockchain technology has the potential to create positive environmental impact through the use of digital ledgers and carbon credits
- Carbon credits are digital certificates purchased by companies and environmental projects certifying that they have reduced their emissions by at least 1 tonne of CO2 or equivalent greenhouse gases in a given year
- Companies can be considered carbon neutral if the number of carbon credits purchased equals their carbon footprint
- The voluntary carbon offsets market was valued at $305.8 million in 2020 and is expected to reach $700.5 million by 2027
Since their introduction in 2008, cryptocurrency and blockchain have become an emerging technology trend that is making headlines and attracting the attention of venture capitalists. Often used interchangeably, crypto and blockchain technologies are not the same. Since its inception, hundreds of cryptocurrencies have emerged, creating an alternative to fiat currency – a decentralized financial currency. On the other hand, blockchain technology has been considered one of the most secure ways of storing data as it cannot be changed once added to the chain. Blockchain technology is the digital ledger technology that allows transactions to be executed in a safe and more secure setting. One of the most popular cryptocurrencies and the first application of blockchain technology is Bitcoin.
One of the biggest environmental debates in recent history (carbon emissions) has something in common with bitcoin and blockchain technology, as environmentalists have expressed deep concern over the amount of energy consumed by bitcoin miners. Bitcoin and the increased carbon footprint it potentially leaves…
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