If you’re extremely fond of new and upcoming technology and keep in touch with the digital world, chances are you’ve heard the words bitcoin, blockchain, and cryptocurrency more often than naught. As we progress through our blogs you’ll learn more about bitcoins and cryptocurrency and how they’re taking over the digital lives that we lead. In this article, we’ll talk about block-chain and its importance in ensuring environmental sustainability and attempt to simplify the concept.
What exactly is blockchain?
The idea emerges from offering surety that the information we possess and want to share, gets distributed rather than copied. This prevents hackers of all kinds, ethical or otherwise, from unduly gaining access and using information. It also eradicates the need for a medium or a platform to host any of the information. Companies like Amazon or Apple Music that earn a fair share of their profit by providing a hosting platform, would eventually cease to exist.
If you ever try to look up block-chain on the web, an analogy that you will see frequently mentioned is google docs. Google docs allows you to feature your information and enables access publicly to everyone involved in the process, decentralizing the system. On the user end, this enhances trust that a consumer would place in an entity.
How does blockchain work?
The term ‘block-chain’ has been rightly coined because it is simply just that; a block of information following a chain. It involves three important components – blocks, mines, and nodes. Blocks contain various elements that hold the data that we need. Mines carry out a process called mining to generate new blocks. Nodes are used for distribution purposes and help create a network where information can be decentralized.
Block-chain and the environment
While technology is becoming more transparent and reliable through the incorporation of block-chain, it is also playing a significant role in environmental sustainability. It provides a significantly fool-proof method to carry out transactions that help create incentives for society. Examples of such applications include supply chain management, energy supply, and carbon tax among others. In supply chain management, companies can easily include monitoring and tracking of their products to ensure their safe and responsible disposal. Energy supply includes efficient management and utilization of energy. For instance, trying to reallocate the excess energy available in one area to another. For more environmentally responsible decisions, the carbon footprint of an item can be tracked and made available to consumers. (For more details, check out our article on medium – https://medium.com/@zeloop/how-blockchain-could-create-incentives-to-protect-the-environment-2761e9704e20 )
Similarly, ZeLoop is the app that functions on block-chain by allowing users to manage information regarding deposit points, collected plastic, and even exchange tokens for goods, with complete security. ZeLoop has found the best possible utilization of this emerging technology as a particularly apt solution to our plastic waste problem. We are doing our part in keeping the environment as clean and safe as possible. Join this venture!