We see this as another step to benefit Blockchain for Sustainability momentum!
Having tracked enterprise blockchain adoption for over six years now, we know that despite facilitating hundreds of enterprise projects aimed at improving sustainability performance, blockchain technology comes under scrutiny when technology decision-makers at enterprises are evaluating the tech stack of their digital initiatives. Bitcoin, which is the most popular use case of the technology uses an extremely power-hungry blockchain, and as a result, creates a significant environmental impact.
We believe that using a broader brush to paint all blockchains as environmentally inefficient is not justified because many blockchains that are being used in enterprise initiatives are far more energy efficient than the bitcoin blockchain. The companies behind these blockchains are making continuous efforts to reduce energy consumption and are also using the carbon-offset route to reduce their overall footprints. Ethereum blockchain, which is most widely used for enterprise projects took a huge step in 2022 to change its consensus algorithm which will reduce its energy consumption by more than 99%.
Recently, PriceWaterhouseCoopers has created an assessment framework that will allow companies to calculate the environmental footprint of their blockchain initiatives. We believe this will increase the adoption of blockchain for sustainability initiatives as technology decision-makers will be able to evaluate the actual footprint of blockchain initiatives, and could also incentivize those providers, who use more energy-efficient blockchains.
What are your thoughts ‘Blockchain for Sustainability‘ Community?
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