Enriching Green Technology through Blockchain Technology Analysis of India and China
Introduction The 21st century has been called the “century of the environment.” Governments -and individual citizens – can no longer assume that social challenges such as pollution, dwindling natural resources and climate change can be set aside for future generations. Through policy, research, education, incentives and forward-looking relationships with industry, government can play a central role in building a green future, community by community. The prospects for success have never been greater. A dawning era of creativity and innovation in “green technology” (also known as “clean technology”) is bringing the promise of a healthier planet – as well as the prospect of growing businesses that can sustain its health. The excitement building around this sector is reminiscent of the early years of the information technology revolution. Blockchain technology has been a big buzz word for a long time now. However the potential of Blockchain technology is still unfolding and provides multiple perspectives. Exploration in the field of green technology would fight corruption and the insufficient environmental, social and economic regulatory frameworks. Unravelling such technology by showcasing transparency would lead us in a direction where we’ll be able to make better decisions and increase the livelihood of each individual. The report aims to highlight two of the multiple areas where Blockchain has shown potential i.e. Solar Energy and Agriculture. One will be able to familiarize themselves with the same and be able to build their own insight upon it. However, the report does not provide in depth details but has touch-based most of the section which is required to visualize our future by using Blockchain Technology. What is Green Technology? The term ‘technology’ refers to the application of knowledge for practical purposes, converting theoretical knowledge into its practical application. Green technology (hereinafter Green Tech), refers to a type of technology that is considered environmentally friendly based on its production process or its supply chain. Green tech can also refer to clean energy production, the use of alternative fuels, and technologies that are less harmful to the environment than fossil fuels. The field of green tech encompasses a continuously evolving group of methods and materials, from techniques for generating energy to non-toxic cleaning products. Although the market for green technology is relatively young, it has garnered a significant amount of investor interest due to increasing awareness about the impacts of climate change and the depletion of natural resources. Green tech is a broad category that encompasses several forms of environmental remediation. While climate change and carbon emissions are now considered among the most pressing global issues, there are also many efforts to address local environmental hazards. Some seek to protect specific ecosystems or endangered species. Others seek to conserve scarce natural resources by finding more sustainable alternatives. The present expectation is that this field will bring innovation and changes in daily life of similar magnitude to the ‘information technology’ explosion over the last two decades. In these early stages, it is impossible to predict what this field of technology may eventually encompass.[1] In order to provide a viable alternative to fossil fuels, many businesses are seeking to engineer alternative sources of energy that do not generate atmospheric carbon. Solar and wind power are now among the most inexpensive sources of energy, and solar panels, for instance, are affordable to U.S. homeowners at a consumer scale.[2] Other alternatives, such as geothermal and tidal energy, have yet to be deployed at scale. Agriculture and allied activities also contribute to pollution and carbon emissions. Farming and livestock have a substantial environmental footprint, from the high costs of land and water usage to the ecological consequences of pesticides, fertilizers, and animal waste. As a result, there are many opportunities for green technology in the area of agriculture. For example, organic farming techniques can reduce the damage due to soil exhaustion, innovations in cattle feed can reduce methane emissions, and meat substitutes can reduce the consumption of livestock. How does blockchain work? A blockchain is a digital ledger of transactions that is kept secure by a network of computers. The technology enables individuals to transact directly with one another without the need for an intermediary such as a government, bank, or other third party. The growing list of records, known as blocks, are linked together using cryptography. Each transaction is independently verified by peer-to-peer computer networks, time-stamped, and added to a growing chain of data. Data cannot be changed once it has been recorded. While popularized by the increasing use of Bitcoin, Ethereum, and other cryptocurrencies, blockchain technology has promising applications in legal contracts, property sales, agriculture, medical records, and any other industry that needs to authorize and record a series of actions. The Process To begin, a user or node will initiate a transaction and sign it with its private key. Essentially, the private key will generate a unique digital signature and ensure that no one can alter it. In reality, if anyone tries to change the transaction information, the digital signature will change dramatically and no one will be able to verify it.[3] As a result, it will be rejected. Following that, the transaction will be broadcasted to the verifying nodes. Essentially, the blockchain platform can use various methods to determine whether a transaction is valid. These methods or algorithms are known as consensus algorithms. In any case, once the nodes have verified that the transaction is genuine, it will be recorded in the ledger. It will also have a timestamp and a unique ID to secure it further from any alteration. The block will then connect to the previous block, and a new block will connect to this block, and so on. As a result, it creates a chain of blocks, hence the name blockchain. Creation of blockchain has been beneficial to different sectors, in different economic activities. For Example, in agriculture and its allied sectors, stores must maintain all
