Blockchain technology could boost the implementation of eco-friendly solutions in industries

Nowadays, blockchain technology is considered as the “fourth industrial revolution”. According to a study carried out by the World Economic Forum, new technologies like blockchain could help stimulate growth by implementing nature-positive, eco-friendly solutions, following the COVID-19 crisis. In the same study, blockchain technology is highlighted as a critical player in the present and future operations of several different industries.

Nature-positive and eco-friendly solutions are being adopted more frequently as nature awareness is growing more every day around the world. Eco and nature-friendly solutions could have the capacity to create 395 million jobs world-wide and generate more than $10.1 trillion in business opportunities by 2030.

We are entering a decade of action to reverse biodiversity loss by 2030 and reduce the negative effects of climate change taking into account blockchain technology to achieve the expected results. Blockchain technology could contribute to a $365 billion savings by reducing food waste in the food supply chain. There have been some pilot programs using blockchain in their chains. These pilot programs were launched in Benin, Ghana, India, and Rwanda. The results suggested that low-cost storage techniques and handling practices can reduce post-harvest food loss by more than 60%. The smallholder’s incomes can also be raised by more than 30%.

A real example of the implementation of blockchain technology in the supply chain industry is the IBM Food Trust. This project has given positive real results in the supply chain that is managed with partners like Walmart, Tyson Foods, Nestle, and others.

Also, blockchain applications in energy and mining supply chains could generate an opportunity worth around $30 billion in 2030. Blockchain applications are expected to rapidly grow in the coming decade, especially in cases like precious gems, diamonds and cobalt. Blockchain could help to unlock significand cost savings from the initial blockchain investments by eliminating the need for costly materials verification processes. Blockchain’s potential could help to create $3.5 trillion of value in energy and extractive systems.

Blockchain’s potential and significant advantages could help almost every industry to optimize their costs and resources. But not only that, it is possible to implement it in different processes in order to get more eco-friendly solutions around the world, which would have a positive impact in the short and long term.