Blockchain Applications and Sustainability Issues

Abstract

Blockchain, a distributed and democratically-sustained public register of the transactions of the digital currency "Bitcoin", proposed by Satoshi Nakamoto a pseudonym of a hided developer in 2009, has been the driver of a huge number of initiatives devoted to develop and implement a peer-to-peer distributed database, and with no central authority created as an open source software. Expansion of Bitcoin, as well as other digital currencies, has been due to lower transaction costs, high security protocols and lack of inflation with respect to fiat money and no need of a clearing entity or a central bank. Although, environmental issues related to the use of this currency and, in particular, in the energy consumes, have been raised by the scientific community, but no signals of limiting factors have been detected until now. The hidden in the wings blockchain technology has been recognized the driver of innovation in various fields, contributing to create a more sustainable world. The purpose of this paper is to describe both the recent trends in the applications of the blockchain technology in the cryptocurrencies market and the new projects considering the environmental sustainability (energy consumption, materials depletion) and social impacts. The contribute of blockchain in reducing and accelerating bureaucracy and incentivizing environmentally friendly behaviour, has been discussed. Although the environmental issues related to the energy consumed in Bitcoin mining may scare companies in adopting the new technology, there is no evidence of limiting factors or carrying capacity of the entire system. In future the development of a less energy intensive alternative for validating the blocks to stack in the distributed database, would render the blockchain the ideal candidate for the applicability of sustainability paradigms in the economic, environmental and social sectors.

A Systematic Review On Blockchain Technology, A New Solution For Sustainable Business

“…Üstelik bu ticaret yapılırken, kullanıcılar arasında çoğaltılan veriler neredeyse gerçek zamanlı bir kayıt sağlama imkânı doğurur ve değişiklik göstermez (Javaid ve diğerleri, 2021). Bu noktada kripto paralar, özellikle bitcoin, işletmelere, nakit ve elektronik ödeme sistemlerinin avantajlarını sağlamayı vaat etmektedir ki bunlar şu şekilde sıralanabilir (Rana, Giungato, Tarabella ve Tricase, 2019); anonim olarak garanti edilen Blok zincir teknolojisi yüksek düzeyde uyarlanabilirliği nedeniyle, işletmeler için hemen hemen her iş ilişkisine fayda sağlayabilir. İster yatay, ister dikey isterse çapraz iş ilişkilerinde diğer işletmelerle işbirliği içinde kalmayı ve süreçlerin katma değerinin yükselmesini sağlayabilir (Bedin ve diğerleri, 2021).…”

Art and sustainability: can digital technologies achieve sustainability?

“…The blockchain guarantees the transparency transaction of digital art without intermediary in the process of selling the artwork where artists also can track the ownership of their artworks. Although the blockchain technology is nascent, it has been proven its ability to make progress in the SDGs in the environmental, social and economic sectors (Rana et al. , 2019, p. 861) Blockchain can be a tool to ensure peaceful society because this technology can reconfigure the relationship between economies, politics and societies.…”

Hybrid Decision Model for Evaluating Blockchain Business Strategy: A Bank’s Perspective

“…(1) Application Scenario Deconstruction Capability Financial services using blockchain as infrastructure are likely to reshape their existing business models [43]. Sometimes, technological innovations are embodied by destructive solutions that have already been used in different scenarios [44]. Examples that might be applicable to adopt blockchain are, but not limited to, the following: point-to-point verifiable electronic voting, medical record management, identity management systems, access control systems, intellectual property protection, and supply chain management.…”