Quick Take
- WEF is a World Economic Forum which was started in 1971 by some European businessmen.
- WEF believes that blockchain has all the needed infrastructure that can reduce the climate change impact.
- WEF publishes the whitepaper stating the use of blockchain in climate change and how it can be used as a tool.
WEF
WEF stands for World Economic Forum. It is an international organization, that is working towards improving the world condition. The organization includes leaders from various fields like business, politics, academia etc that can contribute towards shaping the world to be a better place.
This forum was founded in 1971 when a group of European businessmen met in Ski to address some global issues and find a solution. Since then, it became a global platform and now includes individuals from various fields and addresses the issues that occur on a global level.
One of the vital issues in the world is climate change. WEF addressed this issue as well and sought a solution too.
Blockchain as a solution
But how can this tech combat climate change?
As we all know, blockchain works on smart contracts so let’s talk about smart contracts. Smart contracts are essentially computer programs that work with blockchain to execute automatically if certain parameters are met.
Imagine a world where cryptocurrency isn’t just an investment opportunity but works like regular cash. Buying goods with your Bitcoin and paying for services with Ethereum
you go to stay in a hotel and the room costs 10 Bitcoin a night but there’s a smart contract in place that automatically takes 10 off your bill if you use less water and electricity.
Smart Contracts therefore a greener stay quickly becomes a cheaper one too. This kind of system could encourage people to live more sustainably by utilizing inbuilt incentives for eco-friendly action.
Smart contracts could also help us in a world already feeling the effects of climate change and unpredictable weather patterns caused by climate change will have a massive impact on many industries.
Considering, the food chain we all want to buy food that is both ethical and environmentally friendly but often it can seem like products travel through a labyrinth on their way to the shelves making it difficult to track where food comes from and is easier for suppliers to lie about how sustainably it was sourced.
Blockchain can make supply chains more transparent tracking recording and sharing every detail of your food’s journey from packaging to transport to plate a number of d-apps or decentralized apps are already being developed for this purpose and this isn’t limited to food, clothing, technology and homeware could all be tracked securely with blockchain technology allowing consumers to make more informed eco-friendly choices and incentivizing suppliers to provide them.
WEF with Blockchain
WEF discussed and published a whitepaper explaining how blockchains are useful in fighting climate change and have all the infrastructure needed. WEF stated that Blockchains strengthen trust in the eyes of the consumer and also improve transparency in the supply chain, thus less loss and less wastage of resources.
Dana Gibber, the CEO of the Blockchain climate project Flowcarbon, said that the innovators and creators must tap every potential of blockchain and not just the prominent ones. He further said that Blockchains use is not just limited to cryptocurrencies.