Blockchain technology can serve many different purposes. Liverpool is looking at this technology to address climate change. Offsetting carbon emissions may very well require the use of new and innovative technologies.
Liverpool Has Major Plans
The announcement by the Liverpool City Council took a lot of people by surprise. Together with the Poseidon Foundation, they will explore blockchain technology use cases. A special focus lies on reducing the city’s carbon emissions. Diminishing those emissions by 110% between now and 2020 is the number one priority.
Blockchain plays an integral part in Liverpool’s plan to become climate-positive in the coming years. A partnership with the Poseidon Foundation can help move things along in this regard. Poseidon’s technology is tailored to governments, corporations, and individuals looking to address climate change. A year-long trial will be conducted to determine if this effort will help the city achieve its goals.
It is the first time a major city taps blockchain for this specific purpose. Most ventures involving blockchain focus on the financial side of the spectrum. Unlocking proper real-world use cases requires a very different mindset. Climate change is an issue that is currently being discussed on a worldwide basis. Addressing it through innovative technology may pave the way for long-term solutions.
Blockchain and Climate Change
As part of this year-long trial, the Poseidon Foundation will create a climate-positive car. This is done through a partnership with BAC Mono, which is based in Liverpool. Additionally, the foundation will collaborate with local schools and businesses to educate the people on climate impact. A lot of educational efforts are needed to spur positive changes in this regard.
PricewaterhouseCoopers has tapped blockchain as a valuable tool for climate issues. It is one of the eight “core” technologies to make positive changes happen in the years to come. The Poseidon Foundation’s open source ledger can facilitate many different use cases in this regard. It also further confirms Liverpool is blazing the trail for a technology-driven approach to tackle climate change.
Ventures like these highlight the potential of cryptocurrency technology. While this has nothing to do with payments, it is a venture relying on the same technology which also powers Bitcoin and other cryptocurrencies. With the help of distributed ledgers, Liverpool may be able to meet its goals regarding emission reduction.
What do you think about Liverpool looking to mitigate their carbon footprint via blockchain technology? Let us know in the comments below.
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