A blockchain expert at the University of Technology Sydney Law, Dr. Philippa Ryan has said blockchain technology can provide solutions to the climate change concerns of the United Nations.
Ryan mentioned this in Geneva during a hearing session of the UN at this year’s International Organization for Standardization (ISO) Week. Several presentations were made during the session majorly on the contribution of standards to the attainment of the United Nations Sustainable Goals.
Speaking on environment friendly methods of generating electricity, Dr. Ryan said developing countries can adopt cleaner methods of generating electricity instead of the high emission electricity generation that is prevalent in industrialized nations of the world, siting and example with Australia.
He suggested the use of solar energy saying:
“Using solar panels, communities and villages can generate, store and use their own energy and the whole system can be managed securely using blockchain technology.”
According to Dr. Ryan, the application of blockchain technology’s decentralized system, trust is established within a small network of people who generate enough power to sustain them and purchase such power according to their needs.
“With no central controller or regulator of the system, everyone in the grid community must be able to trust the ledgers which record how much energy is generated, stored, bought and sold within and across the network.”
On why Blockchain, Dr. Ryan said:
“The technology provides a transparent, auditable and automated market trading and clearing mechanism for the benefit of producers and consumers.”
He further stated that the technology can be useful especially in rural areas in developing nations where many users may not have bank accounts and at a time when trust is an issue, there is need to move to a decentralized system that provides greater trust as well as easier and cheaper solutions to the world’s energy and other needs.
“At a time when global trust in government, banking, the media and other powerful institutions has slumped, blockchain can play a significant role in democratising new more trustworthy business networks. These new economic models can be exemplars for how blockchain technology might help achieve some of the SDGs.”
Meanwhile there have been arguments on the unsustainable power consumption by mining companies and the fear that they may worsen the climate change concerns of the world. With the proposition of blockchain as a potential solution to energy problems of the world however, the industry may just gain a bit more acceptance to improve the standard of living around the world.