Blockchain and its Applications can Bring in More Sustainability
Sustainability is not the first feature that comes to one’s mind when referring to blockchain. Quite a few of us know the reports of the huge consumption of electricity by large Bitcoin mining farms.
It is at this point that the understanding of Bitcoin and blockchain have intermingled but it is actually here where differences should be appropriately marked and understood. Sustainability doesn’t come only from energy savings but also from the capability to push the business process effectively across different sectors. Blockchain and other distributed ledger technologies seem to be catalysts that can ensure sustainability in technological development.
Supply chains can be considered as good instances of how goods and services across borders without proper tracking. Blockchain helps address the limitations of supply chains as blockchain ensures complete transparency in the process. In other words, blockchain can help avoid any kind of discrepancy.
Blockchain and its applications have likely to achieve a seismic shift in transparency across the digital world. Property and real estate can also benefit from a blockchain-based ledger to keep records of the transactions and other segments of the process like identity management and maintaining true records.
Cryptocurrencies also have great potential to achieve more sustainability. New DLTs like Hedera Hashgraph is showing that some of the Bitcoin’s major limitations could be addressed and resolved.
