5ire is a blockchain ecosystem that embeds sustainability to its consensus mechanism, in an effort to facilitate an equitable and sustainable society. It achieves this via 5ireChain, a blockchain technology optimized to reward activities that promote sustainability.
Optimizing the Society for a Sustainable Future with 5ireChain
The quest for sustainability calls for a new business model. The current economy is built on infrastructures which are proving to be unsustainable on the longer haul. The transportation, energy and manufacturing sectors which are the main source of global emissions are built with traditional infrastructure and controlled by a central authority. In this setting, there is no guarantee that the production processes in these sectors are optimized for sustainability and not for profit.
According to the UN’s Sustainable Development Goal No. 16, creating stronger and more accountable public institutions is crucial. As it states, “SDG 16, one of the ways we can encourage sustainable development is by promoting peaceful and inclusive societies for sustainable development, providing access to justice for all, and building effective, accountable, and inclusive institutions at all levels.”
Sustainable development and the 17 SDGs are critical timelines to continue living the way earth’s inhabitants have. Blockchain technology can help achieve sustainable development in myriads of ways to impact how resources are utilized for development.
Blockchain is a radical innovation that has sustainability potentials and can be exploited to establish a sustainable and equitable economy. This novel technology, when properly deployed, will disrupt every aspect of the economy, from energy and transportation sectors to wildlife and healthcare.
“Blockchain can contribute to the SDGs in various ways – from providing food vouchers in refugee camps to enhancing property and land registries to improving access to national identification.” This is highlighted in a report published by UNCTAD
In line with this, 5ire is creating public-private partnerships with governmental and educational institutions around the world, starting from India and the United States. It has already partnered with the police department in Muzaffarnagar in UP for smart policing and talks with governments across states like Tamil Nadu, Assam, etc in India. Simultaneously, it has formed a partnership with the police department in the State of Nebraska in the United States to leverage 5ire’s blockchain.
With 5ire’s proprietary blockchain, 5ireChain, local governments can implement tracking and growth strategies using a system that is built from the ground up with sustainability in mind. Every transaction on 5ireChain is weighted with an eye towards sustainability, with more sustainable transactions gaining a favoured status on the chain.
During a recent interview, the CEO of 5ire, Pratik Gauri, said, “When it comes to sustainability, it is not a one-off thing. You have to regularly engage with the community and provide opportunities and an outlet for the community to get involved, and that is what we are trying to achieve.”
While the world is yet to fully appreciate the potential of this novel technology, 5ire is taking up the challenge to address the current narratives and drive home a paradigm shift. A shift from for-profit to for-benefit processes in manufacturing, governance, education, and other sectors, leading the pace towards a sustainable society.
With a consensus protocol optimized for sustainability, 5ireChain is programmed to reward activities inclined towards sustainability, hence creating a long-lasting and equitable society.