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Blockchain and Sustainability

06/September/2019
Implementing sustainable living is all about meeting the needs of the present without compromising the ability of future generations and their needs. Implementing such sustainable living is quite challenging and at the same time hard to accomplish.

Comprehending our own needs and responsibilities is not that easy, in that case anticipating the need of future generation is beyond imagination. However, establishing a sustainable life is the success mantra of longer safe live. 
 
Our aim should be on a better livelihood for everyone, for this, we should consider the natural ecosystem and also consider the human system and integrate them together in such a way that it keeps its balance.  

Unfortunately, our current lifestyle is going the other way round Rather keeping the balance between natural resource and human system, they are into acquiring all the resources themselves to lead a life of luxury. Where one side, people find hard to meet the ends, there the other side people are luxuriously using the resources.We can see our nature diversity getting depleted and nature being destroyed at an unprecedented speed. Today, we are facing a large sustainable problem like drastic climate change and echo biodiversity extinction,  and coming to humans, there are rising witnesses of poverty in many areas.

Many NGOs are now getting part of this great challenge and UN has revealed around 17 Sustainable Development Goals(SDG) to meet the global economy, political and climatic challenges that are faced by the entire world today. Today SDG covers global issues like global warming, healthcare, medical facility, eco and biodiversity, poverty, social justice, financial aid situation and many more. After considering many phenomena SDG found out that the latest upcoming technological advance can mix up with the current situation and can bring some changes in the near future. For this change, the great technology breakthrough blockchain and its application can be implemented.

Let's see how blockchain can help in moving forward towards the achievement of a sustainable and green future.

The current aspect of blockchain made many of the NGOs who participate in SDGs evaluating blockchain as one the greatest threat towards sustainability. The main reason for this is Bitcoin mining. Mining is considered a complex task and it requires huge and immense energy than what it has been thought. A recent study found out that its energy consumption rate is so high that the entire energy required to power Argentina in the year 2018. And by the year 2020, it would take energy need to power the entire US. in half-year.

But the fact is on the other side. Bitcoin is just a picture in the frame of blockchain. Blockchain which works on the basis of shared ledger technology can bring much better change in the sustainable challenge what we are facing now. Blockchain is capable of giving more transparency in collective and individual action, and also helps to reduce the accountability loop and can implement it in global aspect, avoid a great central authority, bureaucracy intervene and can stop difficulties in global border supply chain tracking. 

Finance our future 
Why this is difficult when considering our global scenario, because major financial sector is handled by a central authority and that we call banks who control and monitor this huge wealth that has been delivered. According to SDG, it finds out that more than 5 trillion USD is allocated to face global sustainability. But less than 10 percent is used, because of the unstable system. Currently, it is very hard for tracking sustainable behaviors of the company, individual and also it is very difficult to reward them in a correct and speedy way. Most of the current institutions are resistant to change.

Major breakthrough that blockchain bring today is great development in the financial sector. This can be by means of full speed, high efficiency, and trust build transaction. The world needs a global platform to face this unstable economy and future. Blockchain is capable of building this. More than 1800 major cryptocurrencies are available and most world orders are accepting the current change by adopting blockchain and cryptocurrency.DLT(Digital Ledger Technology) bring a bookkeeping method and build a great trustworthiness in a global transaction.

Major investors around the globe are facing huge difficulties to know their huge investment is reaching towards a green echo investment, however, this can be achieved through blockchain technology. Keeping good track of each moment (transaction) with the help of automated smart contract can help investors in ascertaining their resource isn’t getting wasted. Many Daap is already out there for investors to invest in a sustainable global invest. Sustainable invest wallet that has been built on the blockchain platform is a global solution for investors.

Traceability
Blockchain is capable of providing global transparency and accountable immutable shared ledger in encrypted copies across all the nodes which participate in the network. This can bring trustworthiness among the trustless parties, mainly individual or companies whoever involved in the transaction. If the global supply chain is on the right track, one can reduce a great extent of fraud, pollution, human rights abuses, etc. Transparency in the accountability, price, document handling and inference of government authority can be reached to the end-users through the shared ledger. And it will make easy for the parties to monitor the transaction correctly.

Government, Bureaucracy Intervene and Cost Reduction
In today's system, it will take more time and cost to clear a government-related document and its verification process and also from the bureaucracy part. Cost reduction of bureaucracy through more efficient e-government blockchain tools can save a lot of money and time.

Proven and track document facilities
Currently, it has been found out that more than 2 to 2.5  billion people are unable to prove their identity. Lack of track and old system usage is the main reason for all this. Lack of ID can prevent anyone to get credits and loans even bring hostage situation. If we keep all the government records in a highly secure but also global access way can eliminate this problem. Only through immutable standard, we can achieve this. Cryptography secure transaction is capable of doing so. Access to basic banking is still just a dream for more than 3 billion people still. But with peer to peer transaction on trusty network can eliminate the third-party intervention. 

Tokenization
A major art of blockchain is introduction token. Blockchain introduces certain rules for the peer to participate in the network and the actors agree on a specific goal, for example, getting a token that is built on certain blockchain as a reward for correctly executing certain tasks. Correct reward evaluation is happened in the network. Reward can be of any time for example for proving the certain work (in curtopmarket bitcoin is a reward as a proof of work to maintain correct transaction of records). Here in the sustainable case, we can consider proof of maintaining a good recycle of something or planting trees.  

Difficulties ahead
Blockchains powerful ledger technology, token reward methods are there, the changes do not happen in a day only through consistent and nonstop implementation can bring a change in the near future. Still, many organizations are facing the blockchain tokenization into day to day local livelihoods.

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