The blockchain can enhance efforts to combat climate change

 

The blockchain

can enhance efforts to combat

climate change

Dominic Williams, founder and chief scientist at Dfinity

noted that blockchain networks are capable of

supporting the creation of infrastructure that

promotes affirmative action in climate change.

Williams believes that

blockchain technology and its decentralized

and unreliable nature

give it unique possibilities to help combat climate change.

Williams noted that

there are three ways in which blockchain technology

can meet the challenges of climate change.

Blockchain

networks can support the creation of unreliable

infrastructure that provides incentives for climate action

It promotes efficiency

and provides alternatives to traditional technology that

has negative impacts on climate.

Williams gave an example of how blockchain technology

can be used in the environment

referring to the Voluntary Recycling Balances (VRC) initiative.

which serves

as a catalytic system to address the problem of solid waste.

This platform was recently introduced at the top of

the COP28 and relies on the Internet Computer Network (ICP).

According to Williams

Blockchain networks

such as ICP have an unreliable infrastructure that

promotes confidence and transparency in

the exchange of voluntary recycling balances.

The system works entirely on the chain

and does not rely on conventional technologies

such as cloud services, meaning no back doors or gate guards.

International participants

who buy and sell recycling balances can have

full confidence in the information they see.

Williams emphasized that

blockchain networks

such as ICP provide infrastructure that eliminates

the need for third parties and enables safe and transparent data verification.

This can be used to

ensure effective recycling and appropriate handling of

waste materials by tracking them from origin to destination.

With regard to the exchange of voluntary recycling balances

ICP enables auditable and safe transactions

between waste clearing and recycling companies.

Thus

waste producers and processors

can trust the validity of the credits they buy, sell or trade.

Williams added that

ICP ensured that the Victims' Registration

Centre operated transparently and against manipulation.

He emphasized that the balances traded

and sold

were auditable and secure records of recycling transactions and credits.