Can blockchains help companies go green?

By: Trademagazin Date: 2022. 11. 03. 09:19

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Blockchain, as one of the most secure data storage technologies known today, can significantly improve the transparency of supply chains, making the environmental protection efforts of manufacturers transparent. With its help, personal data can be stored more securely than anything else, but it can also play a role in the direct sale of green energy produced in households. 3 employees of the Hungarian BDO, Zsófia Reizinger, Dániel Kemp and Bence Bárány, summarized the information related to the topic.

Blockchain may help companies go greener

Most people have only heard of blockchain because of cryptocurrencies, even though the technology is useful in countless areas of use. It solves many serious problems of companies and government agencies, including the proper handling of data shared on networks. Whether it’s financial services using secure payment protocols, official bodies handling citizen data, or businesses looking to improve supply chain transparency, blockchain technology offers many opportunities for all of them because it’s essentially “just” a shared and synchronized database.

The first blockchains operating on a PoW (Proof of Work) basis were not only slow, but also had an amazingly large ecological footprint, which exceeded the annual energy consumption of Argentina in 2021, while each, e.g. A Bitcoin transaction produces 300 grams of waste from the wear and tear of computer parts. Primarily because of this, the well-known PoS (Proof of Stake) method has now spread, whose ecological footprint can be measured in thousandths compared to PoW.

BDO