Climate change can be prevented with blockchain technology.
Etherisc, Klima DAO, Algorand, CryptoTrunks and Chia projects have started to combat climate change using blockchain technology.
Blockchain technology is taking the lead in combating and mitigating climate change.
What Can Blockchain Do in Combating Climate Change?
Blockchain technology is starting to prove that it can be a new force in tackling climate change.
For example, in Etherisc Kenya, a decentralized insurance company, it helps farmers mitigate crop damage caused by bad weather.
Michiel Berende, Etherisc’s Chief Inclusive Officer, told BeInCrypto:
Etherisc works with regional partners to provide blockchain-backed crop insurance to 17,000 smallholders in Kenya, with 6,000 farmers receiving mid-season payments.
Etherisc is not alone in tackling the climate crisis. Klima DAO also follows Etherisc in this regard. Klima DAO, which started the process months ago, aims to accelerate the price increase of carbon assets and make fossil fuels and other polluting industries less attractive over time.
Likewise, Algorand has successfully demonstrated that a blockchain can be carbon negative, while Chia has developed ‘Proof of Space and Time’, which uses 0.16% of Bitcoin’s annual energy consumption. As for Bitcoin, Blockstream CEO Adam Back argues that major cryptocurrency mining reduces carbon emissions.
Even NFTs can contribute to the fight against climate change. NFT project Crypto Trunks launched its first carbon negative NFT project earlier this year.