The World Economic Forum (WEF) has revealed in a recent publication that there are more than 65 ways that blockchain technology can be used to solve some of the important environmental issues we currently face.

According to WEF, by harnessing distributed ledger technology, we as a society can tackle six of the most pressing environmental challenges:

Climate change; Natural disasters; Biodiversity loss; Ocean-health deterioration; Air pollution; and Water scarcity

Environmental challenges could be solved with blockchain

The WEF, which is based in Switzerland, argued that blockchain applications could be leveraged to solve some of the environmental challenges that the world currently faces.

The report, called “Building Block(chain)s for a Better Planet”, talked about these applications in-depth.

The WEF alleged that the implementation of these use cases has the potential to aid global efforts of environmental protection.

Environmental degradation and climate change remain the biggest threats the planet faces today. The issue is beyond national and domestic interests, with efforts towards saving the environment being put in place by governments all across the globe.

Blockchain technology offers solutions to a wide range of problems in all sectors of the global economy and saving our environment will soon be one.

Blockchain deployment in eight sectors which the WEF dubs the eight-game changes will be key in realizing the report’s stated goals.

Blockchain technology was chosen based on its features which including its transformational impact, adoption potential, its centrality in operations, the impact on existing systems, and realizable enabling environment.

The WEF stated that the technology could completely disrupt their current approach to problems, while also offering significant potential improvements to adoption and deployment of strategies.

Some of the benefits offered by blockchain include transparent supply chains, decentralized energy, and water management systems, and sustainable fundraising sources.

Sheila Warren, Head of Blockchain and Distribute Ledger Technology at the WEF’s Centre for the Fourth Industrial Revolution commented that:

“Blockchain’s potential to fundamentally redefine how business, government, and society operate has generated considerable hype. Now is the right time for stakeholders to work together to ensure the development of responsible blockchain solutions that are good for people and the planet.”

Blockchain can add $1 trillion to world trade by 2028

The WEF also published another report on September 13 where it revealed that blockchain technology has the potential to add $1 trillion to global trade over the next decade.

This report was published by WEF and its partner on the research, Bain & Company.

The report stated that 30 percent or $1.1 trillion of new trade volume will be created as a result of the blockchain technology removing existing barriers to commerce.

Furthermore, 40 percent or $0.9 trillion of traditional methods will migrate to DLT for better service levels and lower fees.

The WEF also encouraged the EU and other bodies to embrace the technology, advising them to include blockchain as part of any relevant, progressive regulatory considerations