Blockchain’s Impact on the Environment
Blockchain technology has revolutionised the fields of data storage
and tracking
.
Besides powering crypto,
it can be applied to
various fields, such as real estate and insurance.
However, indiscriminate use of this technology can have a negative impact on the environment.
Blockchain requires immense computational energy to function.
By some estimates, crypto mining consumes more power than the entire nation of Argentina every year.
Just one Bitcoin transaction uses up more than 2000kW of electricity.
Even if we use renewable energy sources to produce this electricity, running the blockchain would still release tonnes of greenhouse gases.
These greenhouse gases would be detrimental to our planet’s climate.
Despite this environmental impact, governments and businesses remain excited about this technology.