Blockchain Technology - How Blockchain Ecosystems Are Giving Back to The Environment

Blockchain Technology – How Blockchain Ecosystems Are Giving Back to The Environment

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by Richard Gall — 2 months ago in Blockchain Technology 3 min. read
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Blockchain technology is making huge efforts to combat climate change. Numerous platforms and charity tokens have launched fund-raising efforts for good causes, and they’ve increased their game.

Blockchain technology is making huge efforts to combat climate change. Many platforms and charity tokens have launched fund-raising initiatives to support good causes. They’ve also increased their game through sound campaigns that increase climate awareness.

What are the top environmental initiatives in blockchain projects? How do they affect global warming?

Climate Change and Crypto

Numerous studies have shown that to create bitcoins, computer mining requires huge amounts of energy. This results in the emission of hundreds and millions of tons of greenhouse gas (GHG)

A Nature study has shown that bitcoin operations in China will generate 130 million tons of GHG annually by 2024. This is more than the entire Czech Republic economy does in a single year.

Another study from the University of Cambridge concluded that bitcoin mining requires electricity at 121.36 TWh per year. This is higher than the average consumption of countries such as Argentina (121 TWh), the Netherlands (108.8TWh), or the United Arab Emirates (113.20TWh). It will soon surpass Norway (122.20TWh).

The study claims that bitcoin would consume more electricity annually if it were a country than Finland or Switzerland.

But blockchain is moving towards minimizing the environmental impact by supporting the fight against global warming.

These kinds of ventures are growing and some blockchain– and charity token-based companies are making a significant contribution to environmental initiatives with high impact.
Also read: 9 Best Cybersecurity Companies in the World

The Pressing Issue

Due to the increase in carbon dioxide over recent decades, the world is now facing a climate crisis.

CO2 emissions fell by 5.8% in 2020 due to the COVID-19 pandemic. However, they are expected to rise 4.8% this year and climb to the 2019 peak. The impact of coal on economies like India and China is greater than that of renewable energy sources.

The key players in combating climate change are governments, corporations, and NGOs.

The goal is to make the planet greener by reducing carbon emissions to net-zero by 2050. You can achieve this in many ways. There are agreements like the Paris Accord that limit carbon emissions for every member country. This helps to keep the global temperature rise below 2 degrees Celsius above preindustrial levels.

Despite some of these initiatives reducing carbon dioxide, it is now clear that emerging technologies like blockchain play an important role in going green.

Blockchain’s decentralized nature makes it possible for anyone to participate in a noble cause that saves the environment. Because of the decentralized nature of blockchain, noble initiatives can be more widely distributed than traditional ecosystems.

Many blockchain-focused projects are now attempting to help the community through charity programs.
Also read: Best ecommerce platform in 2021

Blockchain and Crypto Initiatives

Rainmaker, a blockchain-based influencer marketing platform, has been running charitable campaigns. With the launch of their GlobalFieldDay campaign on August 23, the company challenged stakeholders and will end on October 22.

Laudato Tree is one of the notable beneficiaries of this campaign. This youth-powered movement aims to grow approximately 7 million trees along Africa’s great green walls.

Elongate, a cryptocurrency trading platform on the Binance Smart Chain, was launched in March 2021. It is a cryptocurrency project that has a social and environmentally responsible impact. 10% of each transaction fee goes to donations.

NASDAQ reports that Elongate raised $3.25million as of September to support notable NGOs such as Children International, Human Relief Foundation, and Action Against Hunger.

Saveplanetearth.io has a variety of strategic partnerships and academic support. They also have a promising cryptocurrency community. SPE seeks to change the world’s outlook by carbon appropriation, with the support of global groups as well as the public.

“The overall goals of SPE include enhancing green (tree cover), marine management, lobbying to have more effective legal controls, and supporting the true costs of climate change.

SafeEarth, a blockchain-based ecological project, announced in April that it would donate more than $100.000 towards The Ocean Cleanup charity. This charity is responsible for removing plastic waste from critical ecosystems.

The SafeEarth token transaction fees raised the money. The token transaction fees are used to continue making donations to green charities. SafeEarth seeks to make a lasting, positive impact on the planet.

Richard Gall

Richard is senior editor of The Next Tech. He studied International Communication Management at the Hague University of Applied Sciences.

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