Blockchain Can Help Solve Swathe of Environmental Issues, Says WEF Study

New research by the World Economic Forum has identified over 65 ways blockchain tech can be used to address some of the most urgent environmental challenges facing the planet.

The insight study, conducted in partnership with auditing giant PwC and released at the Global Climate Action Summit last week, examines how new international platforms could "Incubate responsible blockchain ecosystems," according to a press release.

Such networks could range from decentralizing management of natural resources like energy and water, to creating supply chains that help promote greater sustainability.

As CoinDesk has reported, blockchain projects are already addressing issues such as the sustainability of tuna stocks by tracking fish from origin to the high-street store, or exploring ways to reduce greenhouse gas emissions and boosting solar power projects via distributed trading.

"Transparency is vital in influencing consumer decisions, updating supply chain practices and triggering new governance arrangements. Blockchain-enabled smart contracts could be used to underpin innovative tenure arrangements that give specific resource rights to communities or fishers," the release states.

The research breaks down the areas that blockchain tech could positively impact into six sections: climate change, biodiversity and conservation, oceans, water security, clean air, weather and disaster resilience - each subdivided into more precise areas that could be targeted.

"There is an opportunity for fresh ideas to harness this nascent technology to help deliver big gains for our environment. From transparent and trusted clean and ethical supply chains, to incentivising sustainable consumption and production, or underpinning the much needed transition to low carbon decentralised energy, water and mobility systems."

Blockchain has potential, the report suggests, to help bring about a transition to cleaner and more resource-friendly solutions, as well as to "Unlock natural capital and empower communities."

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