- Blockchain technology and the internet of things (IoT) likely to be used as soon as this year to monitor and manage climate change
The US blockchain lead at accounting firm KPMG, Arun Ghosh, believes that blockchain technology and IoT will be used to monitor and manage climate change in 2020.
Essentially, the amount of IoT devices collecting air pollution data is increasing, and this is giving more detailed data regarding carbon dioxide concentrations in the atmosphere. Ghosh explains how this data can be fed into blockchain-based protocols that help manage climate change via ensuring a proper amount of carbon offset, where carbon dioxide is removed from the atmosphere in order to make industries carbon neutral.
Further, this IoT and blockchain technology can be used to monitor and manage any sort of pollution, including sewage outflows and storm drains. Basically, IoT devices monitor the pollution, the data is stored in a blockchain immutably and securely, and blockchain smart contracts activate mechanisms to counteract the pollution.
Apparently, the combination of blockchain and IoT technology and how it can help to manage climate change will be discussed at the World Economic Forum this month.
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