Bitcoin Mining Can Reduce Greenhouse Gas Emissions According To World Economic Forum Report

A paper on the use of blockchain technology in the creation of low-carbon energy systems was released by the Global Agenda Council on the Future of Energy (GACFE) of the World Economic Forum.

In the paper Blockchain for Sustainable Energy: The Power of Distributed Ledger Technology to Transform the Energy Sector, the potential for using blockchain to lower greenhouse gas emissions in the energy industry is explored. It also looks at how distributed generating and storage systems may be supported by blockchain to be more effective.

The paper suggests that blockchain technology might be used to improve market transparency for power and provide novel approaches to handling massive amounts of data. Blockchain technology may also be used to enhance smart grid management and monitoring systems, giving customers and producers a greater understanding of how they utilize energy.

The GACFE research makes the case that a distributed ledger may be built using blockchain to increase transparency in the generation of renewable energy. This ledger, for instance, would keep track of every step of a renewable energy project from beginning to end and make it simple for all participants to obtain data on how their projects are doing or if they need assistance with anything along the way.