How blockchain technology is used to save the environment

How blockchain technology is used to save the environment – Mail Bonus


In her monthly Expert Take column, Selva Ozelli, International Tax Lawyer and CPA, discusses the intersections between new technology and sustainability and provides the latest developments in taxes, AML / CFT regulations and legal issues affecting cryptocurrency and blockchain.

In June, the United Nations hosted the event “Stockholm + 50: A Healthy Planet for the Prosperity of All – Our Responsibility, Our Opportunity”, focusing on implementing a decade of action to achieve sustainable development goals, the 2030 Agenda, the Paris Agreement, and post-2020 biodiversity framework, as well as encouraging green recovery from COVID-19. The event took place 50 years after the first United Nations Conference on the Human Environment in 1972, which gave world leaders the opportunity to reflect on five decades of environmental action to address the global climate, natural and carbon dioxide pollution crisis.

My art exhibition “Reef Dwellers” was connected to an event in Stockholm + 50. It welcomed the role of oceans in daily life and sought to encourage action to protect reefs, which cover only 0.1% of the world’s ocean surface despite supporting more than 25% of marine biodiversity.

Launched as a large natural carbon reservoir, it absorbs 25% of its current annual carbon dioxide emissions and houses 80% of all life while providing half of the planet’s oxygen. According to the United States Oceanic and Atmospheric Administration:

“More than 90 percent of the global warming over the past 50 years has taken place in the ocean.

The rate at which the oceans are warming is equivalent to five Hiroshima nuclear bombs being dropped on them every second.

Connected: How blockchain technology transforms climate action

How is blockchain involved in preserving reefs and saving the ocean?

Future Thinkers has outlined some key solutions to how blockchain can help protect the environment.

1. Supply chains

Blockchain technology is used to improve fish traceability to stop illegal and unsustainable fishing. Fishcoin is a traceability project based on blockchain seafood that “encourages supply chain stakeholders to share data from the place of harvest to consumption” to help create a more open, transparent, responsible seafood industry.

Connected: Enterprise blockchain to play a key role in creating a sustainable future

2. Recycling | 3. Environmental agreements

Plastic pollution is an international ecological crisis. In a landmark operation on March 2, the United Nations Environment Assembly agreed to create a historic international treaty to end plastic pollution. According to the United Nations, the campaign could lead to an 80% reduction in the volume of plastic entering the sea by 2040, a 55% reduction in unused plastic production and a 25% reduction in greenhouse gas emissions. It could also save the government $ 70 billion by 2040 and create an additional 700,000 jobs, primarily in the international south.

One project that addresses the plastic pollution problem is Diatom DAO, which has proposed a symbolic framework for plastic removal. Its aim is to leverage the ability of distributed financing (DeFi) to build a reliable, verifiable, efficient supply chain to remove plastics that increase recycling, reduce usage, finance high-indebted transport projects, establish new cycles and drive innovation in new materials.

4. Energy

Since the beginning of the Industrial Revolution, marine acidity has risen by 30% thanks to the uptake of carbon dioxide. Captura seeks to use solar-powered, floating plants to extract CO2 from the ocean, while the Toucan Protocol is building infrastructure for the carbon market to fund world-class climate solutions in an effort to accelerate the transition to zero carbon according to Of the Paris Agreement.

5. Non-profit organizations

OceanDrop is a charity that cannot be used to betray the Open Earth Foundation, a non-profit organization that focuses on developing open source technologies for climate action. Proceeds from the NFT sale, which is tied to carbon offsets, support a pilot project aimed at expanding protected marine areas on Cocos Island and Costa Rica.

The Crypto Coral Tribe is an NFT project that directs 50% of its revenue to marine and wildlife conservation initiatives. Its goal is to create a creative center that uses art and technology to help restore nature. It hopes to plant 3,000 corals worldwide through its network of marine conservation partners, including the Coral Guardian, Coral Triangle Center and Turks and Caicos Reef Fund.

6. Carbon tax | 7. Changed incentives

US President Joe Biden took office with a plan to divide the United States of fossil fuels, and he demonstrated that intent with a regulatory plan that included carbon taxes. However, the Supreme Court and Russia’s war in Ukraine overturned its climate plans.

Connected: COP26’s climate change goals include new technologies and carbon taxes

The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views and opinions of the Cointelegraph.

Selva OzelliEsq., CPA, is an international tax lawyer and chartered accountant who frequently writes on tax, legal and accounting matters for Tax Notes, Bloomberg USA, other publications and the OECD.