Building Block Chains

FEATURE Building Blockchains

As we embrace the digital shift, blockchain could be the tool needed to accelerate the post-pandemic recovery

The 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.

It has become imminently clear over the past few months that advanced connectivity and supply chains are fundamental for Blockchain can play a pivotal role in solving for the lack of connectivity and data transformation initiatives and providing support in the recovery. 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

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.

[Renewable] Energy

Could blockchain rethink the traditional transactions must go through established 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

long-term Power Purchase Agreements (PPAs) which need to certify that supplied energy is 100% generated from renewable sources. Moreover, blockchain guarantees transaction security and transparency while data is permanently stored in the platform, allowing for audits by parties.

Through the reduced costs, increased privacy, security, and transparency, blockchain can encourage the adoption of renewable energy generation assets along with facilitating peer-to-peer energy transactions.

Supply Chain Management

across global supply chains while causing major disruptions. Unprecedented demand for goods soared while many factories shut down. Users resorted to sourcing goods from unknown suppliers and the long supply chains’ opacity made it difficult to plan and order supply accordingly. Blockchain’s provision of transparency and security make it particularly suited to supply chains and hence a fundamental component of recovery plans.

The technology allows for connection among all stakeholders of a supply chain while providing a single source of true information undeniably increasing transparency and security of transactions.

Waste Management

Waste management is a lengthy process that includes segregation, transportation, recycling, disposal, and analysis of waste. The high volume and variety of procedures make process. The implementation of a single blockchain-based waste management system can facilitate tracking and monitoring the process and promote a greener environment through a number of activities.

Blockchain is being used “ to combat the adverse effects of the pandemic and facilitate the recovery process in many industries. “

Rewarding waste segregation is an initiative being taken by many governments and companies worldwide, including the UAE. Compensating recyclers with rewards generated through a blockchain waste tracking encourages an increase in number of recyclers as well as amount of waste segregated.

Blockchain also assists in tracking waste management real-time by identifying amount of waste collected, where it was collected, who collected it and where it is being recycled or disposed of. This application of blockchain is insightful for identifying challenges and solutions among the waste management steps.

An additional benefit blockchain brings to waste management systems is the accuracy of data of waste. Different types of waste require different disposal and recycling techniques, which is why it is essential to have the correct data to ensure the appropriate technique is adopted.

Crops and Agriculture

Probably now more than ever, we want from. Improving traceability of the farming supply chain can safeguard food safety and quality while encouraging sustainable agricultural practices and lower environmental footprints, decreasing costs, and increasing profitability of operations.

Adding QR codes to products would source of origin along with other information of the product’s like cycle up to the store shelf. Having stakeholders of the agriculture supply chain input information on the product, such as quality, pesticides used, and transportation, would allow for utmost transparency and generate value to the supply chain. Blockchain can eradicate counterfeits in agri-food production, providing consumers with healthier products and enabling a better life at a global scale.

Blockchain technology, the virtual ledger that tracks and stores digital transaction data, has the potential to advance industries. From its banking and cryptocurrency beginnings, annual spending on the technology has grown tremendously as industries from waste to energy management discover its capabilities. The case for transparent and verifiable transaction data and its resistance to fraud, by operating through a decentralised platform that does not require a central supervision, make a compelling case for the adoption of the technology in a wide number of industries to increase efficiency and security, overall, benefitting the economy as we transition through the recovery phase post-pandemic.