What blockchain can do for the environment
Mainelli, director of the London-based commercial think tank and venture firm Z/Yen, said that the use of blockchains for crypto-currencies is limited because such application tends to be slow and energy-hungry. At the same time, he sees blockchains holding huge promise in an entirely different area.
As permanent, tamper-proof databases for any kind of data, shared by a community and owned by no one, “they are particularly interesting to environmental groups,” Mainelli said, because they make it possible to track and verify transactions and interactions even in the absence of a centralized authority.
A blockchain consists of records arranged in batches called “blocks.” Each block references and identifies the previous block using a cryptographic function, forming an unbroken, verifiable chain of custody for whatever good or service is being exchanged. A built-in validation system ensures that nobody can tamper with the records. Old transactions are preserved forever, and new transactions are irreversibly added to the ledger. The blockchain ledger is not managed by a single body, but is distributed: It exists on multiple computers at the same time, and anyone with an interest can take a copy.
Click here to read the full article
Latest posts by Matthew Olckers (see all)
- What blockchain can do for the environment - 17 March 2017
- How the ‘Dole Stock Crisis’ is Reigniting the Push for Blockchain - 16 March 2017
- Global Supply Chains Are About to Get Better, Thanks to Blockchain - 15 March 2017