The 'blockchain', an ally for the environment

Blockchain or block chain technology is known for being the basis of digital currencies or cryptocurrencies, but its uses go much further.

Thomas Osborne
Thomas Osborne
04 June 2022 Saturday 15:34
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The 'blockchain', an ally for the environment

Blockchain or block chain technology is known for being the basis of digital currencies or cryptocurrencies, but its uses go much further. It is postulated as part of the solution to environmental and climate problems thanks to its ability to transmit information in a distributed and secure manner. The reason: "You cannot manage what cannot be measured, nor can you fear what is not understood," said Sergi Cuadrat of the Allcot company, at an environmental conference organized by the University of Barcelona, ​​the Torres Family and the meteorologist and Professor of Physics Tomàs Molina. In this sense, Cuadrat is convinced that the blockchain can be very useful when it comes to having accurate information on which to act, for example, to decarbonize the economy.

For example, one of the uses of the blockchain is to collect data on the different phases of the manufacture of a product to calculate greenhouse gas emissions and/or control the origin and management of materials and processes. Thanks to the blockchain, the final information cannot be tampered with and, at the same time, is fully transparent and accessible. “It gives us the certainty that the companies that say they are committed to the environment and to combating the climate crisis really are,” says Ignasi Oliva, from the i2CAT Foundation.

The blockchain is also used to encourage recycling. An example of this is that of the Plastiks platform of the Barcelona firm Nozama. Plastiks uses the blockchain to conduct transactions between waste managers, recyclers and buyers of recycled plastic around the world. Another possible use related to climate change mitigation is the one proposed by the Catalan start-up Blockchain Digital Energy, which digitizes the sale of surplus electricity in self-consumption solar installations.

"The technology already exists and is here to stay, but we have to see in which applications it makes the most sense and how it should be applied," says Joan Ramon Barrera, president of the Cercle Tecnològic. On the other hand, Oliva warns that “by itself it will not solve anything, but rather it is a tool to reinforce or complement processes and/or initiatives”.

One of the great evils attributed to the blockchain is its energy consumption. It is also reputed to have a high carbon footprint, which Cuadrat estimates to be higher than that of the Netherlands. However, Oliva assures that “energy costs are not a problem” and that “they are getting lower and lower”. Barrera agrees, indicating that "energy consumption and greenhouse gas emissions associated with blockchain are infinitely lower than the energy it saves and the emissions it cuts."

The economic costs are not an inconvenience either, in Oliva's opinion. "A year and a half ago, the cost of using this technology was one of the big questions, but now it has been overcome because it can already be implemented quickly and at very affordable costs."

Cuadrat sends out a message of hope: "Technology has not always been nature's best friend, but now this could change with the blockchain."