Many companies have started to use the blockchain technology in order to protect the environment, according to a press release published by Financial Post on June 11.
David Katz, the co-founder of The Plastic Bank, is currently working on democratizing material handling and waste management. For him, the key for this to be possible is the blockchain technology with its immutability and its transparency.
With the blockchain, transactions can be verified and authenticate in seconds, which is much faster than traditional systems where it takes days or weeks for a transaction to be validated.
It is possible to develop a blockchain-based system without any cost and it can be used for a multitude of use cases, ranging from tracking the distribution of goods and sharing medical histories.
For Katz use case, the blockchain would serve as a platform for the use and exchange of waste materials, which will benefit to the poor by putting value into their hands. He compares the system to “the Uber of recycling”.
“A driver has their own car and expenses. But the more they want to work, the more money they can make,” he said.
The Bank he co-founded in 2013 gives the chance to poor individuals or groups to collect plastic waste and exchange it for tokens or credits, which can be deposited in an online account. The tokens obtained can then be used for various services they can’t afford such as Wi-Fi and education.
Katz expressed that the blockchain technology can be used for many social causes.
“The ability to share authentic data is critically important, especially when working in areas that suffer from poverty and corruption. We know who is collecting materials and where – all questions that couldn’t be answered before. It speeds up everything.”
Katz joined a growing group of entrepreneur looking to use the blockchain technology for social goods.
Mark Kovarski is a Toronto-based technology consultant and partner at 85 Advisors in New York, an accelerator focused on blockchain innovation and mentioned,
“If you look at the startup space from a cleantech and envirotech perspective, the growth has been phenomenal. There are now over 130 startups globally, and over $300 million being invested in startups using blockchain with an environmental focus. It’s a huge growth market right now.”
The blockchain technology can be beneficial to many environmental sectors, including energy efficiency and carbon footprints.
The CEO of Kontrol Energy Corp., Paul Ghezzi said,
“Blockchain has great potential to lead the way to a more energy efficient, lower cost-of-energy world, while helping achieve global greenhouse gas emission targets.”
“In terms of energy savings, blockchain has great potential to lead the way to a more energy efficient, lower cost-of-energy world, while at the same time helping to achieve global greenhouse gas emission targets,” he explains. “For each $1 of energy saved, up to $3 of utility transmission and distribution investment can be mitigated. The return potential to save $1 dollar of energy is higher than having to build a new energy infrastructure.”