Blockchain: Secret Weapon in the Fight Against Climate Change

Published onFebruary 7, 2018

Bitcoin, the much-hyped cryptocurrency, made headlines recently for driving a surge in power use. Around the globe, digital entrepreneurs are ‘mining’ Bitcoins by solving complex math problems, using supercomputers to get the job done. Those supercomputers use a ton of power, which largely comes from coal- and gas-fired power plants spewing gobs of carbon pollution.

But, while hackers wreak havoc on the climate, blockchain, the bleeding-edge technology behind Bitcoin, could one day help clean up the mess. Climate wonks say blockchain has a role to play in the clean-energy economy, helping homeowners sell electricity, allowing businesses to trade carbon credits, and making it easier for governments to track greenhouse gas emissions…

…carbon trading is just one example. Blockchain is being used for everything from crowdfunding renewable energy projects to creating apps that incentivize people to use less energy. The possibilities are nearly limitless, but experts don’t expect a revolutionary transformation overnight…rooftop solar owners want a way to sell their surplus power. Currently, in many places, they can sell that electricity back to the power utility, but this undercuts the utility’s core business of generating and selling electricity. In parts of the country, utilities have gone to great lengths to curtail this practice…

Source: https://nexusmedianews.com/blockchain-secret-weapon-in-the-fight-against-climate-change-45c4a47e849d