5ireChain is a blockchain ecosystem built for sustainability. In a world where climate change is presenting an unprecedented threat to humanity and other forms of life on earth, there is a need to utilize everything within reach to checkmate a doomsday. Blockchain in synergy with other emerging technologies can be used to filter the environment of carbon footprint and create a framework for a greener future.
Offsetting Carbon Footprint With Blockchain
Gradually, the world is waking to the grim reality of the impact of burning fossil fuels and leaving a long trail of carbon footprints. The energy derived from these crude fuels has powered industrialization, bringing human civilization to its present state. While industrialization enlarged the global economy, made life easier and underpinned countless societal developments, the side effects of these successes is driving the world to an ugly stalemate.
Carbon footprint is simply the total amount of greenhouse gases emitted in the course of our daily life. These gases are generated by a number of activities. While the bulk of these gases originate from factories, use of electricity and mining, individual carbon footprint when summated contribute by a large extent to this ugly condition. The resultant effect of these activities is that the world is getting hotter than it should be.
The world is in urgent need of an alternative source of energy. One that will be sustainable and promises the cleansing of carbon footprints while securing a green future. According to The Nature Conservancy, “the average carbon footprint for a person in the United States is 16 tons…Globally, the average carbon footprint is closer to 4 tons” In other words, “to have the best chance of avoiding a 2℃ rise in global temperatures, the average global carbon footprint per year needs to drop to under 2 tons by 2050.”
In the hunt for a solution, the blockchain technology has been considered to have a far-reaching potential in checking climate change by helping to offset carbon footprints.
5ireChain, the proprietary blockchain technology behind 5ire, is notable for its vision of sustainability. Developed with a novel consensus protocol that rewards sustainable practices, 5ire is setting the pace for a sustainable future.
5ireChain’s sustainable PoS consensus has sustainability embedded at its core. With a vision aligned with the UN 2030 agenda of sustainable developments, 5ire is addressing ESG concerns while driving the paradigm shift that will enable sustainability.
Blockchain technology can facilitate crowd sale of renewable energy through a peer-to-peer energy trading platform. Households can sell their excess electricity to others on demand. This transaction will be executed automatically via smart contracts on-chain. Beyond helping people make extra income with their solar panels, DLT will also drive the transition to renewable energy. For the first time people will be able to sell the sun that hits their roof via an interconnected microgrid with an IoT device that informs a blockchain network of power generation and sales.
Smart Cities and Homes
Interoperability will facilitate smart cities, interconnecting everything and decentralizing all. Blockchain as well as IoT, AI,virtual reality will all come into play to power these smart cities. Among others, there will be seamless data sharing over a decentralized network making people access information on the go. Different segments of the society will be linked up with the ability to exchange data while improving the quality of life, efficiency of systems and sustainability of the economy.
In what can be termed as smart governance, blockchain will be pivotal in enabling seamless running of a state. From creating decentralized platforms for registries to remote sharing of data between different ministries in the state. More so, blockchain can be used to build a framework for a citizen identity management system.
Blockchain as a tool for smart governance will eliminate unnecessary paperwork, facilitate e-voting and improve security.
Climate change is a multifaceted challenge that requires a multi-dimensional approach. To be successful in this fight, different arms of the society have a role to play. From policy makers, non-governmental organizations and the technology sector. The resultant synergy is needed to offset the carbon footprint.
5ireChain is offering its sustainable blockchain architecture in facilitating sustainable development, offsetting the carbon footprint and addressing other ESG concerns.