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Blockchain platforms will be used to ensure control over IoT ecosystems aimed at managing climate change.
Blockchain and IoT will manage climate change. This is what the KPMG blockchain lead believes. Arun Gosh has made a few blockchain predictions. Gosh has said that the interconnected ecosystem of devices called the Internet of Things (IoT) will work alongside blockchain solutions to solve the many issues that climate change has brought to the table. He said:
“The convergence of these technologies is enabling organizations to accelerate environmental governance, with blockchain’s chain of custody being deployed as a central component to driving sustainability.”
Data shows that climate change is not just a hot button issue. Phenomena such as El-Nino, rising sea levels, and the recent Australian fires show that climate change has become a real problem that needs to be tackled.
KPMG is in talks with emerging economies on air quality control for starters. Gosh indicated that KPMG is working with governments in India, Ukraine, and China. He said that the future of air quality could be determined based on specific indicators.
Blockchain and IoT Needed in Climate Markets
Recent research has pegged the air quality markets to be valued at $6.5 billion by 2025. Data has also revealed that wireless technology will play a key role in the determination of air quality metrics soon.
Gosh said that IoT devices will be used to determine the differences between carbon emissions that give rise to the greenhouse effect and carbon offset which is the reverse scenario. Recent data reveals a reduction in greenhouse emissions. IoT devices will be able to provide accurate data.
From water systems to the air and even changes in habitat patterns. IoT can provide a bird’s eye view with a degree of accuracy than previously thought before.
Blockchain platforms will provide controls that are needed for such IoT ecosystems. Data could also be stored within the ledger systems of such blockchain platforms. Gosh noted:
“There is a lot of momentum around accounting standards of carbon monoxide that requires trusted data coming from IoT enabled devices. We are hearing more conversations around data and carbon offset programs and how we can merge these programs into developing better accounting standards through blockchain and IoT devices.”
The blockchain community has tried to raise awareness previously.
Climate Change Management Is a Key Topic at Davos 2020
Climate change will also be a hot topic at the world economic forum next month in Davos Switzerland. The event (Davos 2020) will also discuss key issues that surround blockchain technology. The WEF indicated the importance of blockchain platforms in causing social change.
The World Economic Forum has been providing finance for carbon offsetting projects since 2017. The blog post reads:
“This year, we expect to see increased experimentation with hybrid blockchain models, both in the financial sector (for example, decentralized finance or DeFi and “synthetic” CBDCs) and the public sector (increased use of smart contracts). These are a great way to increase comfort with the technology.”
Gosh also indicated that due to the discussions with the emerging markets, the use of blockchain platforms and IoT ecosystems will be discussed in Davos.
Climate change is finally getting the attention it deserves.