Climate change has caused severe damage on multiple fronts including the food supply chain industry, the emission of harmful gases, and changed the way our world works. Chief of HashCash Consultants, Mr. Raj Chowdhury acknowledges the potential of blockchain to aid the fight against climate change.
Climate Change: A Global Crisis
With the present global energy crisis, rising inflation, and the Russia-Ukraine conflict, climate change is an emerging complication that needs attention. The sudden change in the weather pattern is a threat to the melt of arctic ice, food production, and a rise in sea levels such as catastrophic floods, along with an increase in unpredictable cyclones and famines around the world.
Nineteen countries signed a legally binding agreement on climate change known as “the Paris agreement”. The focus of the treaty is to limit carbon emissions, and prevent global warming by keeping it within 1.5 degrees Celsius. While several countries are looking for unique projects and strategies to initiate the agreement, blockchain is leading the way in to fight against climate change.
Blockchain pioneer, and CEO of HashCash Consultants, Mr. Raj Chowdhury asserts, “The Paris Agreement, aims to maintain 1.5 degrees Celsius to prevent global warming. While developing countries are raising climate finance to reach the goal, the decentralized ledger technology plays an important role in accurate monitoring, generation, and distribution that powers the fight against climate change”.
Blockchain technology although old has gained significant recognition in recent years. In the battle against climate change, the important element is to develop powerful actions and policies with accurate data and transparency. The transparent and immutable nature of blockchain aids the fight against climate change. The technology has huge potential in renewables, supply chain management, clean energy, food, forestry, agriculture, and more.
“A global change requires global cooperation for better governance. Blockchain technology has the potential to share data around the world in real-time, without the fear of data tampering” concludes Chowdhury. He has previously acknowledged the potential of blockchain technology in patent claims and the education industry.
COP27, the recent climate change conference held in Egypt has brought up some solid plans and projects by developing countries. With the present conflicts and global inflation, the battle against climate change seems almost impossible. However, with the help of blockchain technology, the irreversible, traceable, and transparent nature has made it the best way to solve global challenges.