65 Ways Blockchain Can Fix Environmental Challenges

65 Ways Blockchain Can Fix Environmental Challenges
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A new study by PwC for the World Economic Forum identifies more than 65 ways blockchain can be applied to the world’s most-pressing environmental challenges. The study examines how new global platforms could incubate responsible blockchain ecosystems. These range from decentralizing management of natural resources such as energy and water, to creating more transparent supply chains that drive greater sustainability, and providing new mechanisms for raising the trillions of dollars that will be needed to deliver low-carbon and sustainable economic growth.

Blockchain-enabled solutions are currently being explored to improve the sustainability of global supply chains and could help overcome illegal activities by tracking fish from “bait to plate“, or commodities like palm oil, beef and soy from “farm to fork“. Such transparency is vital in influencing consumer decisions, updating supply chain practices and triggering new governance arrangements. Blockchain-enabled smart contracts could, for instance, be used to underpin innovative tenure arrangements that give specific resource rights to communities or fishers.

According to the report, these and other opportunities have been largely untapped by developers, investors and governments, and represent an opportunity to unlock and monetize value that is currently embedded in environmental systems. If harnessed in the right way, blockchain has significant potential to enable the transition to cleaner and more resource-preserving decentralized solutions, unlock natural capital and empower communities. This is particularly important for the environment, where the tragedy of the commons and challenges related to non-financial value are prevalent.