The deployment of blockchain solutions across all spheres of industry, enterprise, and education represents a major turning point in human history in terms of technological disruption. With blockchain, industries such as financial services are finding alternative modes of cash transfers, with a gradual switching to cryptocurrencies. The use cases of blockchain technology are steadily transcending digital asset opportunities, as key EU partners now believe the technology could help meet the Paris Agreement Carbon Goals. The partners include a coalition of Microsoft and reputable universities in Denmark and Germany.
Possibilities of Blockchain Adoption in Climate Change
The research on the possibilities of deploying blockchain intervention in building an international carbon credit market is documented in a research publication. The paper titled, “Blockchain Application for the Paris Agreement Carbon Market Mechanism – A Decision Framework and Architecture” explores the suitability of blockchain’s distributed ledger technology for a carbon market mechanism based on the Paris Agreement Article 6.2.
Amidst growing concerns on climate change, different sectors are coming together to reduce carbon emissions and mounting greenhouse gases that perpetually deplete the Ozone layer. The Paris agreement seeks to keep global temperatures below two degrees (35.6°F) rise above pre-industrial levels.
The Paris agreement may seem a big feat, but research has shown that the deployment of blockchain will help offer information transparency and immutability. This will help in promoting data security. According to the authors;
“Blockchain application is promising and can yield benefits in enhanced transparency and increased automation… and it offers clear benefits in terms of interoperability with other emerging technologies, automating the process through smart contracts, enhancing transparency, traceability and auditability, and enhancing system security and trust between Parties.”
New Frontiers for Blockchain Technology
Blockchain is no longer solely focussed on the creation of cryptocurrency and digital assets. Huge enterprises and even charity organizations are leveraging massive blockchain-based projects and initiatives in the pursuit of improving our world and creating a better life for everyone.