Can Blockchain be improved to become an Environment-saviour?
(https://cdn-images-1.medium.com/max/800/1*RC_GjkycDbf-IVwmZl0D4w.jpeg)
According to a Forbes article, “blockchain can save the environment when cryptocurrency goes green.”
So, yes, it is actually possible to make blockchain technology a friend, even a saviour, to our environment. Not sure what I am talking about? Let’s start with the beginning.
We live in a modern world, which is dominated by technologies such as the internet, AI and what not. I am not saying that it is a bad thing. In fact, technology has changed our lives for good. People are now living longer as they can get the best medical help when they need it. Technology has made the world more connected, advanced and better. However, all that came with a price.
Among the many disadvantages of technological evolution, one is its dependence on electricity. Thanks to technology, almost everything we do today needs electricity. This electricity is primarily produced from non-renewable sources like oil, coal and gas which are immensely harmful to the environment. So, the more electricity we use (and produce), the more damage is being done to the ecosystem.
Blockchain which is a relatively new technology has disrupted the digital finance industry in a very short time span. However, like all other technological means, this one also comes at a cost in terms of high electricity consumption. Blockchain transactions are processed through cryptocurrencies, which are mined (created) through a computing process which requires a lot of energy to work.
And the increasing competition in the mining space is only making the issue more serious with each day. Most of the existing crypto mining farms use electricity produced from non-renewable sources, which results in high carbon emission.
Green Energy for Cryptocurrency Mining
For every problem, there is a solution, at least there is in the crypto space. The most prominent solution to the eco-pollution problem of crypto mining is the use of green energy instead of non-renewable energies.
Green energy refers to non-renewable energy which is produced from sources like sun, tidal and wind. This kind of energy is not only friendly to the environment but also immense as it does not end. Since there is unlimited renewable power to harness, the cost will eventually be much lower as compared to the cost of traditional energy.
However, there is the problem of the initial cost. In order to harness solar energy, we need solar power plants and fields on a very large scale. Since solar energy production is not being done on a big scale as of now, setting up power plants for generating energy for crypto mining may be a very costly deal.
A solution to this problem is a green energy network and crypto mining loop, where the output of each process (crypto mining or green energy production) is fed to another. However, one would still need a very large setup cost. This is only possible if and when Investors and organizations worldwide come together and join hands to build such a system.
Pieta is a project based on a similar concept. It is working to establish solar energy plants and networks in order to produce cheaper solar power to be used by crypto mining networks and other industries around the globe. You can find more information about this project at pieta.network