Why Greta Should Love Blockchain

Asia's Tech News Daily

Bitcoin’s carbon footprint once again reached headlines after world leaders flocked to the 2021 United Nations Climate Change Conference (COP26), in search of a global agreement to reduce carbon emissions and protect the environment.

Paris Agreement, discussing the construction, private planes

Freepik

Prior agreements, such as the Paris Agreement, an international climate change treaty adopted in 2015, created a centralized global regulatory framework for countries to adopt in order to reduce carbon emissions. However, eventually led to messy and fragmented carbon assets data, fraught with double-counting, data mistakes, and signs of fraudulent behavior as it relates to tracking and reporting. The issue was that this centralized approach to collecting and analyzing data, enabled fraud, data manipulation and deceit.

Fast forward, and we see that the World Bank’s Climate Warehouse is discussing the construction of a ‘public-good’ data layer on top of a blockchain, in order to audit and report carbon assets in a centralized manner. Yet, could a centralized approach be fully transparent when controlled and constantly monitored by the authorities empowered to present the data according to their preference? As the Paris Agreement showed, a centralized attempt to tackle carbon emissions will most likely face significant challenges of data unreliability. 

In contrast, a blockchain reporting system could provide a practical solution to tackling potential issues of reporting energy consumption and carbon emissions. The major goal of blockchain is to provide a transparent, effective and interoperable technology solution with all the necessary data shared and accessible. 

Blockchain can enable a platform for immutable reporting of carbon emissions from all energy production and consumption units, ranging from power plants to factories, vehicles and more. Surprisingly, or not, the technology is already available. The solution is based on connecting all current emission sensors to the blockchain, in parallel to local emission tracking platforms, if any. That would provide an immutable snapshot of global carbon emissions that can be publicly audited in real-time to monitor and track changes and their effects. 

Naturally, some difficulties may arise as not all carbon emissions are tracked, countries would be hesitant to share exact power production and consumption data, privacy matters will surely be of concern and the list goes on. Needless to say that the enemy of the good is the perfect, but in this case a decentralized solution is much more reliable than current given options.

Whether you believe in climate change or not, the global regulatory environment in the wake of this movement could require a massive shift of production and consumption levels of many goods. Blockchain can provide a reliable platform for tracking carbon emission measurements, and subsequently the base for a global incentives or penalties mechanism. Monitoring or recording emission data directly onto the blockchain will ensure that on a global level, regulatory aspects are met and data is not manipulated once logged. That way, next time world leaders fly on their carbon emitting private planes to meet each other, they will at least have the correct immutable data on carbon emissions to discuss among themselves.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

US, Colorado reach proposed settlement in 2015 mine spill

The Associated PressFILE – Wastewater flows through a series of retention ponds built to contain and filter out heavy metals and chemicals from the Gold King Mine in Silverton, Colo,. ... Read more »

CEO of Major Bank Receives $3 Million Salary Bump

It’s not a radical concept for CEOs to have exorbitant salaries. Alex Wroblewski | Getty Images In the wake of the pandemic and job losses, many CEOs and founders took ... Read more »

Boris Johnson faces threat of legal action over blackmail claims

Boris Johnson is facing the threat of legal action over the alleged intimidation of Tory MPs who are demanding his head over the Partygate scandal. Lawyers from the Good Law ... Read more »

4 threats posed by Elon Musk's Starlink satellites

Elon Musk’s Starlink is a divisive project. The satellite internet constellation aims to provide low-cost internet to remote locations, but it’s producing some alarming side effects. Here are the biggest ... Read more »

Organized on Facebook, a ‘who's who' of  anti-vaccine activists head to D.C.

The event adds momentum to activists who continue to find ways to spread false and misleading claims about Covid vaccines, now often focusing on mandates as an entry point. Read more »

Be Smart About Taxes and Keep More of Your Hard-Earned Cash

Taxes can be costly. These costs cut into your income and can have devastating effects on your quality of life, especially in times of transition. Although marketing is my main business, ... Read more »

The Stock Market is Down Today: Here's Why & 3 Penny Stocks To Watch

The stock market is down today. This can be attributed to various reasons, including global economic conditions, interest rates, and company performance. However, there are also opportunities in times like ... Read more »

Is Boot Barn (BOOT) a Solid Growth Stock? 3 Reasons to Think " Yes "

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market’s attention and produce exceptional returns. However, it isn’t easy to find a ... Read more »

Zealand (ZEAL) Ends Enrollment in Short Bowel Syndrome Study

Denmark-based Zealand Pharma A/S ZEAL announced that it has completed enrollment of patients in the pivotal phase III EASE-SBS 1 study that is evaluating its long-acting GLP-2 analog, glepaglutide, for ... Read more »

Top Analyst Reports for Walmart, Micron & Enbridge

Friday, January 21, 2022 The Zacks Research Daily presents the best research output of our analyst team. Today’s Research Daily features new research reports on 16 major stocks, including Walmart ... Read more »

Charles River (CRAI) Stock Up 44% in a Year: Here's Why

Shares of Charles River AssociatesCRAI have returned 44% over the past year, outperforming 34.7% growth of the industry it belongs to in the said time frame. – Zacks Image Source: ... Read more »

Key Factors to Impact Boston Properties (BXP) in Q4 Earnings

Boston Properties, Inc. BXP is slated to report fourth-quarter and full-year 2021 results on Jan 25, 2022, after market close. BXP’s quarterly results are likely to reflect year over year ... Read more »

Tesla vs. Fisker: Which Electric Vehicle Stock is a Better Buy?

Today I’ll analyze and compare Tesla (TSLA) and Fisker (FSR) to determine which electric vehicle (EV) stock is currently the better investment. shutterstock.com – StockNews The electric vehicle (EV) industry ... Read more »

Is Deutsche Telekom AG (DTEGY) a Solid Growth Stock? 3 Reasons to Think " Yes "

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market’s attention and produce exceptional returns. However, it isn’t easy to find a ... Read more »

Why Bar Harbor Bankshares (BHB) is a Great Dividend Stock Right Now

Whether it’s through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you’re an income investor, your primary focus is ... Read more »

BankUnited (BKU) Q4 Earnings & Revenues Beat, Stock Down 6.48%

BankUnited, Inc.’s BKU fourth-quarter 2021 earnings per share of $1.41 surpassed the Zacks Consensus Estimate of $1.14. The bottom line also jumped 58.4% from the prior-year quarter.Results primarily benefited from ... Read more »

3 Reasons Why JB Hunt (JBHT) Is a Great Growth Stock

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market’s attention and produce exceptional returns. But finding a growth stock that can ... Read more »

What Net Worth Do You Need to Retire?

At some point, you will have to ask an important question, “I much do I need to retire?” Due – Due There are actually several rules of thumb when it ... Read more »

Is EastGroup Properties (EGP) a Solid Growth Stock? 3 Reasons to Think " Yes "

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market’s attention and deliver solid returns. But finding a growth stock ... Read more »

Getting Ready For The Next Leg Up

With the market pulling back from their recent highs, now’s the time to start getting ready for the next leg up.After heady gains last year, the market was ripe for ... Read more »

25 heart-meltingly adorable Valentine's Day outfits for kids

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. It’s that time of the year when love takes center stage. ... Read more »

Shop the best early Presidents' Day mattress deals from Saatva, Casper, Leesa and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Whether you’re setting up a new bedroom, upgrading to a larger ... Read more »

Giovanni Pernice kisses Strictly partner Rose Ayling-Ellis in must-see video

Strictly Come Dancing stars Rose Ayling-Ellis and Giovanni Pernice are continuing with their winning streak after they were crowned the winners on the first night of the live tour. MORE: ... Read more »

Presidents' Day 2022 deals are finally here—shop sales on mattresses, TVs and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. What better way to celebrate Presidents’ Day 2022 than with a ... Read more »

Surfshark One Gives You a Single Cybersecurity Solution

With cyberattacks against small businesses on the rise in 2021, you need to make sure your business is protected from threats in 2022. That means investing in digital solutions to ... Read more »

Researchers detect 1st merger between black holes with eccentric orbits

© Provided by Space An artist’s depiction of two black holes spiraling towards each other, about to collide. Scientists have for the first time confirmed the merger of two highly ... Read more »

Light sensors on wearables struggle with dark skin and obesity

© Photo by Amelia Holowaty Krales / The Verge Apple Watch Light sensors used to track heart rate in wearable devices like the Apple Watch Series 5 and the Fitbit ... Read more »

Did notoriously aggressive orcas just save a humpback whale from certain death?

In some extraordinary drone footage, whale researchers appear to have seen a pod of orcas helping to free a humpback whale from rope line that was entangling its tail. At ... Read more »

20 personalized Valentine's Day gifts anyone would love this year

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. When it comes to Valentine’s Day gifts, there are a few ... Read more »

Double trouble for Boris Johnson as he could face two leadership challenges in six months

Should the threshold of 54 letters be hit, allies of Boris Johnson have said they are confident that he could survive the subsequent confidence vote – Jack Hill/Pool Photo via ... Read more »

Exclusive: Taking turns on Wilf's slide and spilling wine on the office printer - new details of Downing Street party revealed

A protester wearing a crown and holding a packet of cheese, a bottle of wine and a ‘This Is Not A Party’ placard speaks to a police officer during the ... Read more »

Sony's 65-inch OLED TV gets $1,000 slashed off price in epic Super Bowl TV deal

If you’re looking for a premium OLED display for the big upcoming game, then you’re in luck. Best Buy’s Super Bowl TV deals include this 65-inch OLED TV from Sony ... Read more »

University of Hyderabad, TCS team up for next-gen communication tech innovation

The University of Hyderabad (UoH), has tied up with Tata Consultancy Services (TCS) for collaboration in research and innovation on next-generation communications technologies, semiconductor engineering, and heterogeneous computing architectures.TCS and ... Read more »

China says will probe corrupt behaviour behind internet platform monopolies

China‘s top anti-graft watchdog said it would focus on “new challenges and new situations” in its corruption crackdown, pledging for instance to investigate and punish any corrupt behaviour found behind ... Read more »

Microsoft's new security chip will not lock devices to Windows 11 as feared

New PCs released this year that ship with Microsoft’s Pluton security chip will still be able to run other operating systems besides Windows 11. While it was initially feared by ... Read more »

How to watch UFC 270: time, card and Ngannou vs Gane live stream details

UFC’s first PPV of the year is set to have an unmissable card in California, with a finely balanced heavyweight title showdown as its headline act. Read on to discover ... Read more »

Bengals vs Titans live stream: how to watch NFL Divisional playoff game online

Derrick Henry’s back, but can he pick up where he left off for the Bengals vs Titans NFL Divisional? Tennessee’s stud running back missed most of the season with a ... Read more »

Revisiting the Perks and Perils of Entrepreneurship Amid the Pandemic

In June 2019, I made the bold decision of opening up and running my small marketing and communications consultancy, The Sophia Consulting Firm. I had no idea that the world ... Read more »

How To Sell Your Screenplay To Netflix

The days of cable TV are limited. Streaming services, with Netflix leading the charge, have become the preferred method for people to watch their favorite shows and movies. With no ... Read more »

The first demonstration of Wi-Fi 7 has left us breathless

© A_stockphoto / Shutterstock The next generation of Wi-Fi promises record speeds. Taiwanese manufacturer MediaTek announced that it has carried out the very first demonstration of Wi-Fi 7 technology. It ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic