The rapid adoption of clean energy, such as solar, wind, and hydropower, is the key to decarbonising energy systems and limiting global warming. This is the view of the World Economic Forum which recently released a proof of concept to trace emissions across the value chain using blockchain technology, helping accelerate global action for country-specific financing solutions.
‘Extreme weather events, including hurricanes and floods, might be the most illustrative examples of the effects of climate change. But we also know that rainfall patterns and sea levels are changing and that glaciers are in retreat,’ the group said.
‘Climate change is creating risks and opportunities for business. Investors, regulators and other stakeholders are challenging companies across all industries, including the mining and metals sector, to take responsibility by adopting an integrated, strategic approach to addressing the climate emergency.
‘Rising demand for minerals and materials also brings increasing pressure from stakeholders and shareholders for transparent records of the sustainability and traceability of the raw products.’
Using the BSV blockchain to promote green energy
Tokenovate, a UK-based financial services technology company, aims to address these and other issues by providing distributed financial market infrastructure, and smart legal contracts, enabling programmatic lifecycle event management of the pre-trade to post-trade workflow for OTC and exchange-traded derivatives, including Voluntary Carbon Credits (VCCs).
Tokenovate explains that the BSV blockchain assists in preventing greenwashing by eliminating any double-counting or selling credit multiple times, as the data is all stored on-chain.
Furthermore, the BSV blockchain not only enables the validation and verification of each credit but also distinguishes itself with unparalleled scalability and cost-effectiveness. This unique technology empowers companies to record every trade on the chain without the burden of data costs that plague traditional systems.
The BSV blockchain’s standout feature lies in its limitless scalability, achieved through a consistent increase in transaction throughput driven by expanding block sizes. This translates into higher transaction processing speeds.
In contrast to other blockchain protocols that impose artificial restrictions on block sizes, the BSV blockchain maintains low fees and fast processing times, bolstering incentives as adoption grows. Its robust protocol ensures stability and reliability, allowing for seamless integration of performance enhancements through straightforward adjustments to block sizes.
Learn more at the London Blockchain Conference
Those interested in learning more about how the BSV blockchain can be utilised to promote a green economy are encouraged to attend the upcoming London Blockchain Conference which will take place at Excel, London from May 21 – 23, 2024.
The London Blockchain Conference is the premier event dedicated to exploring the transformative impact of blockchain technology in our world. Attendees and exhibitors can expect a space where innovation meets practical application, and where enterprises and governments can discover real-world solutions through blockchain.
The London Blockchain Conference offers a unique opportunity to gain a competitive edge, providing access to the latest tools, innovations, and industry experts driving blockchain adoption and web3 transformation across Europe and beyond.
