The World Economic Forum (WEF) foundation, in a report published on Friday, has outlined more than 65 blockchain use cases where blockchain can be used to the world’s most pressing environmental system challenges. Along with that, they have added eight ‘game changers’ where the technology could disrupt the current system and approaches.
In the report, they state a number of themes that Blockchain use case solutions hang around. Some of them being to enable a transition to more efficient and cleaner decentralized systems; peer to peer trading of resources or permits; supply chain management and transparency; new financial models for environmental outcomes; and the apprehension of non-financial value and natural capital.
Adding to these applications, they have also mentioned possibilities of introducing certain game changers which will metamorphose the way environmental issues are handled.
These ‘game changers’ include “see-through” supply chains, decentralized and sustainable resource management, new sources of finance, incentivizing circular economies, transforming carbon and other environmental markets, next-gen sustainability monitoring, reporting, and verification, automatic disaster preparedness and humanitarian relief; and Earth management platforms
In the report, they have also pointed out the problem faced if blockchain is excessively used due to the publicity around the industry.
To solve these problems, WEF has put forward a few questions that can be answered in the initial stage for any blockchain related initiative. The questions include: if blockchain will or will not solve your actual problem, whether or not we can manage downside risks or unintended consequences, and whether or not we have built the right ecosystem for stakeholders.
According to an earlier report by BC Focus, WEF, and Bain and Company, a global management consultancy, have together come up with a report on Sep 13 that signifies the importance of blockchain in a connected financial order, one that can boost trade finance by $1 trillion.
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