A recent blog post from the United Nations Framework Convention on Climate Change (UNFCCC) details the potential of Blockchain technology in helping to control climate change.
The power of a distributed network has already been understood by the private sector, but these applications are opening new doors for transparency and tracking in climate control.
The blog post detailed the improved transparency in carbon emissions trading, especially in countries like China where tracking emissions has been difficult. Blockchain could also facilitate peer-to-peer clean energy trading using tokens or digital assets.
Finally, the post explains that Blockchain would effectively eliminate the double-counting problem in tracking greenhouse gas emissions while tracking the nationally determined contributions (NDCs) from the Paris Agreement.
The secretariat of the UNFCCC said:
“The United Nations Climate Change (UNFCCC) secretariat recognizes the general potential of Blockchain technology. In particular, transparency, cost-effectiveness and efficiency advantages, which in turn may lead to greater stakeholder integration and enhanced creation of global public goods are currently viewed as the main potential benefits.”
Only last week, we reported how the United Nations World Food Programme uses the Ethereum Blockchain to transfer vouchers based on cryptocurrencies to refugees in Syria.
As Blockchain technology continues to mature, applications will continue to improve, especially in areas requiring transparency and tracking.