The Sustainabilist | GREEN RECOVERY
FEATURE
Building Blockchains As we embrace the digital shift, blockchain could be the tool needed to accelerate the post-pandemic recovery
T
he COVID-19 pandemic has virtually impacted all businesses across every sector, disrupting economies globally. Now the focus is on how industries can recover with strategies with long-term consideration of the triple bottom line: profit, people, and planet.
forecasted in its Worldwide Blockchain Spending Guide that blockchain spending in Europe would be USD 1.4 billion account a number of changes in spending that took place this year, have anticipated a slowdown in blockchain solutions and a
It has become imminently clear over the past few months that advanced connectivity
Blockchain can play a pivotal role in solving for the lack of connectivity and data
Nevertheless, blockchain is being used to combat the adverse effects of the pandemic and facilitate the recovery process in many industries, proving the system’s potential to achieve a green recovery.
transformation initiatives and providing support in the recovery.
[Renewable] Energy Could blockchain rethink the traditional
Prior to the virus outbreak, the IDC had
transactions must go through established
and supply chains are fundamental for
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power holding companies or re-sellers buying from large electricity companies? There are companies, like the Transactive Grid, that are minimising the need for intermediaries by allowing customers to transact in decentralised energy generation schemes. This way, users can generate, buy, and sell energy to and from their neighbours. Blockchain is also revolutionising the electricity market through its efficiency in linking generation assets to specific consumption points, in addition to establishing a hierarchy of priorities for sources of origin. The technology allows for the automation and speed of renewable energy certification processes, as well as greater traceability, fundamental to
