Blockchain has a danger. This is able to perhaps perhaps solve it. | Crypto Recordsdata | The Day-to-day Forkast

Yeah. We've got some big issues right now. Let's be honest, Crypto has a pollution problem. Cryptocurrency is having a notable impacton the world's financial markets, but it's also affecting the environment. There's a huge motivation if you're a Bitcoinminer to burn an awful lot of electricity, and that's the problem. One estimate found that a single transactionof Bitcoin has the same carbon footprint of watching more than 66,000 hours of YouTube.

A lot of the focus of this sort of coverageis on Bitcoin mining. It is the crypto most people have heard of,but it's also because of the scale and the demands of its blockchain. Other chains have issues too, though. Prior to Ethereum's switch to Proof of Stakeone transaction on its chain use, the equivalent of a week's worth of electricity from an entirehousehold. This is no secret to the crypto world. In fact, it's been a key reason for Ethereumswitch and the growing popularity of other types of chain like proof of storage.

But take a closer look and you'll see notall blockchain tech is bad for the environment. Earlier this year, a report from no less thanthe United Nations said blockchain should not be overlooked in the fight against climatechange. Dealing with pollution, providing clean energyand changing the way we produce and consume are how we fight climate change, accordingto the United Nations. Those are just some of its sustainable developmentgoals. So how important could blockchain be to them? Kamlesh Nagware of Blockchain Developmentcompany Snapper Future Tech, is an expert on all of this, and he's here to talk to usabout it.

Kamlesh, listen. Climate change this year has been apocalyptic,hasn't it? Floods in Pakistan, drought in China, wildfiresand record temperatures across Europe, to name just a few examples. One estimate, I believe, said that there wasUS$65 billion worth of losses from natural disasters in just the first half of 2022. When we think about the technological solutionsto this, blockchain might not necessarily be the first thing that springs to mind, butit could help, right? Climate is impacted due to the carbon emissions.

Currently, there's no any any perfect wayto accounting the carbon emissions and monitoring the carbon emissions and how we are savingthe carbon footprint. So blockchains generally build the trust andtraceability in all this aspect where you could record the carbon emissions and thentokenize it. So kind of creating the carbon credit tokensand then you could trade in some kind of secondary market place. And the people who are who are environmentfriendly and want to contribute to the carbon climate change, they can buy this token fromthis space. Clean energy obviously plays a very importantrole in helping reduce carbon emissions.

Countries like Iceland, Scotland, Costa Ricaare all producing nearly 100% of their electricity now from renewables, but others are way behind. How can blockchain help with that? One is infrastructure and another is peerto peer trading of electricity. So we go, for example, suppose if you aregenerating some excessive energy on your solar panels and blockchain, you're able to tradethis energy to your nearby houses. So I think there's a company called PowerLaser in Australia. They are doing some interesting project withgovernment to peer to peer trading of electricity. You can also accounting the carbon emissionsaving of this renewable energy project.

So even we work with one of the customer bestin Europe where that implemented the project in India to carbon emission saving using therelevant energy and how it's impacting the rural villages in India. Look, farmers generally uses the solar panelfor kind of farming equipment, but generally they don't realize, correct, this could beeither carbon emissions saving and this not accounting properly done. So now via the blockchain, they could tokenizetheir carbon emission savings using the renewable energy kind of thing. The war in Ukraine and COVID, they've bothdemonstrated how easily supply chains can.

Break down. Where can blockchain play a role there? Blockchain is really solving the many aspectsin terms of export import settlement, easily, trade, finance kind of thing. And also I think a couple of examples wherecompanies are using the like food traceability kind of application. Like for example, IBM food is a great example. You will be working with the customer basedin the UAE where we implement a supply chain solution for the food traceability and nowthe customer can manage.

The whole of the food is traced from originto customer side. And Kamlesh, we mentioned a moment ago theimpact crypto is still having on the environment. What moves are we seeing to change that andwhat's happening in this sector? To try and remedy it? We need talk about the blockchain people relatedto Bitcoin mining and how much is energy users. So, so even even I think the Bitcoin miners,those blockchain miners say like they are using the renewable energy resources, somecoal or some other facility. But that is one aspect of the technology,because blockchain is just not the Bitcoin and Ethereum.

There are there are multiple use cases whereit is a technology for the betterment of the society and even the platform like Polygon,they claim they're going to be net zero by next year. So it's interesting. So they are using so. So even you are using the same kind of energyto their mining process, but they are offsetting their carbon emission. There are some new investment opportunitiesin the climate space. So like for example, Polygon was around morethan 30, 40 different startups who are working.

In the climate change initiatives using thetechnology. Kamlesh, thanks so much for that. It's a conversation we obviously want to keephaving. That was Kamlesh Nagware of Snap of FutureTech talking to us there. All right. We are just a few days away from Forkast nextcrypto rising livestream event. It happens 9 p.m. eastern September 21st,9 a.m. Hong Kong time, September 22nd. Some of Asia's industry leaders and regulatorswill be sitting down with Forkast editor in.

Chief Angie Lau. to discuss the future andchallenges of central bank digital currencies and digital assets. All right, that's it from us for this episode. If you want to see more content from us likeand subscribe to this video and let us know your thoughts in the comments.

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