Did you know that applied enterprise blockchain solutions (those based on the technology behind cryptocurrencies) can also be used to increase and enforce sustainability efforts? A recent article in Blockchain Reporter outlined how some of the features of blockchain can help in this area, and we wanted to unpack it further – especially as it's something we’ve been looking at for a while now.
The key features of blockchain include decentralisation, transparency, and traceability, all of which can be applied to the sustainability and eco-friendly use cases below.
Blockchain allows the collation and validation of data, and the creation of energy exchanges for efficient usage and cost to user benefits. Essentially it's about not wasting anything!
In the renewables sector, transparent and validated data about the energy that’s being produced and how it is being used, can help those in charge make better decisions.
With blockchain, companies can validate and prove sustainability efforts to regulators, clients, and other stakeholders in an efficient way. The blockchain can also validate and assure the format of reports before they’re made immutable and transparent on the chain. This helps data quality, and the efficiency of reporting. These were key requirements when we used our platform FALKOR to support a multi party financial reporting application for ATOS.
Here at ByzGen, we also have a use case for our blockchain platform FALKOR around carbon credits creation, exchange, and retrieval. This is where the number of overall credits in a given ecosystem can be controlled, with multiple parties then being able to exchange credits and prove what credits they own.
The minting, exchanges, and proofs of the credits can be enabled via the tokenisation layer of our FALKOR platform.
Increasing transparency within supply chains can lead to better practices by multiple parties operating within them.
Tracking and validating elements such as data produced, statuses reached, reporting, and being able to share these things in a trusted way, will increase sustainability efforts. And in appropriate cases they can also be enforced. In fact, we recently wrote about how applied blockchain can have an impact on supply chains.
Waste management ecosystems and processes can also benefit from the validated tracking and transparency of blockchain. It could also be the key to creating circular economies too. Less overall waste is created if products are transparently made, and exchanges between parties managed in a controlled way.
Here at ByzGen, our consulting service means we can solve complex and critical challenges, including the present ones surrounding sustainability and the climate crisis.
If you want to know more about our enterprise blockchain platform FALKOR SI and what it can do for you in this area or any other, please don’t hesitate to get in touch.