Blockchain technology has to be one of the biggest innovations of the 21st century given the ripple effect it is having on various sectors, from financial to manufacturing as well as education. Unknown to many, is that the history of Blockchain dates back to the early 1990s..
Blockchain can be defined as the Chain of Blocks that contain some specific Information. Thus, a Blockchain is a ledger that constantly grows and keeps the record of all transactions permanently. This process takes place in a secure, chronological and immutable way. Each time when a block is completed in storing information, a new block is generated.
Satoshi Nakamoto is accredited as the brains behind blockchain technology. Very little is known about Nakamoto as people believe he could be a person or a group of people that worked on Bitcoin, the first application of digital ledger technology.
The idea of a blockchain was first conceived as the mechanism supporting Bitcoin (CRYPTO:BTC). To solve the double-spending problem associated with digital currencies, Satoshi Nakamoto devised an immutable ledger of transactions that chains together blocks of data using digital cryptography.
While the idea works extremely well for Bitcoin and other cryptocurrencies, there are loads of other useful applications of blockchain technology. Here are some of them:
- Money transfers
- Lending
- Financial exchanges
- Real estate
- Voting
- Insurance
- Benefits for the government
- Artist Royalties
Importance of Harnessing Blockchain to Nigeria and the World at Large
There are several potential applications for blockchain in Nigeria which would be beneficial to Nigeria in diverse sectors reaching far beyond tech and the environment.
There is no doubt that blockchain technology has the potential to revolutionise the Nigerian economy. By allowing for transparent and secure transactions, blockchain can help reduce corruption and increase efficiency in several key areas such as streamlining the process of tax collection, land registration, and even the distribution of government benefits.
Some African countries are increasingly looking in the direction of blockchain, especially in the banking and finance sector now using encrypted and securely distributed database.
The educational sector can enhance it's methods of operations by issuing of certification, storage of educational credentials, payment of fees, etc. are processes that can be done seamlessly via blockchain technology.
If Blockchain technology is applied the same way in every sector, it will be free of corruption, fraud, forgery and deceit due to its transparency and decentralization.
Environmental Impacts of Blockchain
Blockchain provides a transparent and secure ledger of activities, making it possible to track the origin of materials, monitor supply chains, and ensure responsible sourcing.
Blockchain based solutions can support the creation of carbon credits. This can encourage businesses to adopt more sustainable practices and reduce their carbon footprint.
By implementing a recycling program on the blockchain, organizations can give financial incentives to individuals in the form of cryptographic tokens.
By leveraging these features, blockchain technology has the potential to significantly impact efforts to address climate change and promote ESG practices and contribute to a more sustainable future.
Blockchain Technology in Existing Green Jobs and Helping To Provide New Green Jobs
Blockchain contributes highly to the effectiveness and efficiency of green jobs, it contributes majorly through tracking and monitoring. Blockchain can be used to track, verify and trace multi-step transactions. Blockchain has helped and is still helping to provide new green jobs across the world.
These Green jobs include:
- Environment Technician
- Refuse collector
- Project Manager
- Energy modeller/ Analyst
- Renewable Energy planner
- Air quality Engineer and more.
Product Model to Aid Climate Action
One model of a tech product or service that can solve climate change using blockchain is a decentralized carbon credit exchange platform. Carbon credits are a way for companies and individuals to offset their carbon emissions by investing in projects that reduce emissions.
A decentralized carbon credit exchange platform built on blockchain technology could address these challenges by creating a transparent, accountable, decentralized and secure marketplace for buying and selling carbon credit. The platform would use smart contracts to automatically verify the authenticity of credits and ensure that they are only sold once. It would also provides a platform for incentivizing carbon reduction efforts, as companies can earn carbon credits for reducing their emissions.
A decentralized carbon credit exchange platform built on blockchain technology has the potential to revolutionize the way we address climate change.
CONTRIBUTORS:
Okunade Kareemot
Abigeal Abaulo,
Emmanuel Adewole,
Atinuke Yusuf,
Favour Kayode,
Emeli Jessica.
EDITOR:
James Oluwaseun Abigail
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