Blockchain has the potential to make the world a better place.
Whether reducing corruption, enabling democracy, or modernizing financial models. That being said, there is a significant challenge to overcome. Energy usage casts a dark shadow over the whole blockchain industry. We're supposed to be reducing our reliance on carbon emissions. Yet this new, and growing industry is threatening to undo the positive steps we're all taking. Fortunately, blockchains don’t need to harm the environment. With the right infrastructure and the right choices, you can reduce your blockchain carbon footprint.
Want to hear more about how Blockdaemon can help you with your Blockchain journey? Contact us today to chat more about our blockchain solutions, or read on to get a closer look at what’s new.
This article will show you how.
Blockdaemon is the leading independent blockchain infrastructure provider. We have always been committed to decentralizing and democratizing technology. We are also committed to using 100% renewable energy sources wherever possible.
By moving your infrastructure to renewable energy, you too can reduce your impact.
Why Blockchain Technology is Important - It Can Change The World For the Better
Blockchain is more than just a technology. It’s a chance to redefine our whole economic system, for the better. It can change many aspects of life.Some of the use cases are obvious, some less so. Here are just a few of the areas where we can already see real change:
Cryptocurrency
Of course, cryptocurrency speculation gets most of the attention. We’ve all heard of Bitcoin millionaires or families who’ve lost their savings. Dramatic stories like this will always grab the mainstream media. Behind the drama though, cryptocurrency is much more than just a financial gamble. Digital currency is shaking up the global financial system because it offers:
- Security
- Simplified transactions
- Increased confidentiality
- Easy cross-border trade
- Zero fees
Cryptocurrency could also reduce the risks associated with traditional finance.
Non Fungible Tokens (NFTs)
NFTs are starting to make a bit of noise too. NFTs may or may not matter to you, but they’re making a real difference to digital artists. They’re opening up new markets and revenue streams for creatives. It’s easy to downplay the importance of art, but it has always been fundamental to human life.It’s not just artwork. NFTs have the potential to change ownership rights in many sectors.
Land Registries
One of the less-publicized use cases is with land registration. Most parts of the world handle land titles in a very traditional way. It’s heavy on paperwork and open to fraud and corruption. It’s a costly and inefficient system. Blockchain can simplify land registries and save billions of dollars globally. A distributed ledger provides a straightforward and secure way to “record, transfer and verify” asset ownership.
Blockchain Will Yield Many Other Benefits
These are just a small sample of the myriad benefits we can expect. Humanity is going through a digital revolution, and blockchain will play a major role. Any of the changes above could make a genuine difference to the world. When combined, the changes will be revolutionary.
High-Carbon Energy Consumption Threatens to Derail This Progress
Of course, there is a drawback. All of the potential benefits depend on the creation and consumption of electricity.
We’ve all seen and heard the stories. Blockchains are increasingly associated with high energy usage. Unfortunately, these concerns are valid. At least, as things currently stand.
There are Many Opportunists Out There
Countless low-quality mining operations. Focused on quantity over quality. No thought of any potential consequences. This unchecked energy consumption threatens to scupper all of the potential gains. Whether it's vast mining operations in Chinese factories or disused hotel basements in Spain. These players will take their electricity from the cheapest sources and disregard any environmental impact.
Proof-of-Stake Alone Won’t Be Enough
There are moves to reduce energy demands. For example, blockchains are increasingly built on proof-of-stake protocols. These protocols are a lot less energy-hungry as there’s no mining.While it should help ease the problem, proof-of-stake probably won’t reduce overall energy consumption. At best it will slow the growth rate.
Environmentally Conscious Users Are Moving to Renewable Energy
While proof-of-stake is a step in the right direction, it is only a step. Proof-of-stake protocols still require energy. Plus, there are all the existing Proof-of-Work (energy hungry) protocols. Bitcoin is by far the most significant of these. With the best will in the world, Bitcoin isn't going to switch to proof-of-stake anytime soon.If we want to reduce fossil fuel consumption, we need to take positive action.
To Reduce Environmental Impact, We Must Focus on Clean Energy
Blockchain users need to take control of our energy sources. We can’t just rely on energy-efficient protocols. We need to make sure that green power is used wherever possible.There are already interesting moves in greener energy. A couple of examples include:
- Great American Mining using ‘scrap gas’
- Stronghold Digital Mining using leftover coal reuse
Unfortunately, these innovators are still only a tiny portion of the market.
Blockdaemon Are Moving to 100% Renewable Datacenters
There is a much more convenient way to reduce the environmental impact. You can move your blockchain operation to renewable data centers.Blockdaemon is making the change. We have always been focused on proof-of-stake. Now we are actively moving our servers into green energy data centers. With renewable energy, it doesn’t matter which protocols are running. No matter how much energy is used, you know that it’s environmentally friendly.
We are moving our infrastructure to renewable energy sources wherever possible.
We have already taken the following steps:
- Our flagship datacenter is 100% renewable - over 700 servers
- Our primary Asia Pacific datacenter is 100% renewable - over 200 servers
- Our Ireland datacenter is 100% renewable - over 200 servers
- Our London, HK, Seoul and Sydney datacenters are 100% renewable - over 40 servers per location
Blockdaemon Cloud Hosting Partners are Committed to Renewable Energy
Of course, as a modern infrastructure provider, we heavily leverage the cloud. Not only does this provide our customers with exceptional value for money, but it also aligns with our environmental stance.
We only use providers who are committed to our renewable energy goals.
We currently use the following environmentally conscious cloud providers:
- AWS has pledged to be 100% renewable by 2025
- GCP is carbon neutral today. They aim to be carbon-free by 2030
- Azure plan to be 100% renewable by 2025
How You Can Help Blockchain Go Green
Do you share our passion for the environment? We can help you make blockchain go green.Blockdaemon understands the benefits of blockchain. These include decentralized and democratic finance, transparent transactions, and reduced corruption. We already make solid, reliable blockchain infrastructure available to major institutions.We also care deeply about the planet. We are doing everything we can to reduce our environmental impact. As part of this commitment, we are moving to 100% renewable data centers. We will only use cloud partners who share our environmental concerns.
You can help blockchain go green by moving your infrastructure to Blockdaemon.
If you are committed to the planet, you can move to our environmentally conscious infrastructure.
Get in touch with our team today. Move your infrastructure to Blockdaemon and help us drive real change.
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