Blockchain Attempt to Redefine the Use of Biomass Waste
Biomass fuel is a renewable and sustainable source of energy that is developed from materials such as forest debris, scrap lumber, manure, other waste residues, and certain crops. Biomass waste that is otherwise dumped in landfills or burned by farmers in the open can be used to create energy which is carbon neutral. Using biomass fuel in place of fossil fuels generate far too fewer emissions. Thereby, improving forest health, air quality and offering an alternative solution to reduce greenhouse gas emissions.
In the wake of the worldwide concerns of global warming and climate change, people are realizing the need to embrace renewable energy generation sources. While solving these global issues, one would use every resource available to its full potential. The hype created by cryptocurrency and blockchain concept has influenced TerraGreen to utilize the benefits of the crypto world while working for a great cause. TerraGreen is a platform based on blockchain technology wherein renewable energy can be traded. The mission is to eliminate the involvement of mediators and facilitate direct participation of concerned parties in the generation and usage of renewable energy. The cryptographic platform links biomass suppliers, energy producers, technology developers, and investors through their currency TerraGreen coin (TGN).
TGN, the platform’s own currency, is inspired by Bitcoin. It is a blockchain powered attempt to micromanage biomass wastes and convert them into renewable energy products. The coins will derive their value from the amount of energy produced and delivered to the users. Therefore, these coins are referred to as energy efficient coins. TGN enables consumers and producers of energy to connect and participate in the management and production of green energy. The main objective of the coin is to combine the interests of renewable biomass waste generation with renewable energy and digital currencies. Each coin is backed by smart contracts that would have information on the type of renewable energy product, type of biomass waste material, commercial operation date of renewable energy plants and the equivalent MJ and price.
TerraGreen is putting in tremendous efforts to solve the global issues of biomass waste by using blockchain technology and providing the necessary financing to renewable energy plants. Their ingenious vision is set to redefine the renewable energy industry. TerraGreen plans to become a decentralized, self-managed, virtual green company having a substantial positive influence on problems of climate change and pollution.
