Categories: Blockchain

Blockchain & its Sustainability

Blockchain is one of the latest technologies in the digital world and it has already started bringing some very big transformations around us. Applications which are based on blockchain even proffers various opportunities to create a more sustainable world.

The primary benefits of adding blockchain into a business system are transparency, reliable provenance and smooth operations. These are the basic needs of any business procedures and this even strengthens the accountability factor while reducing the paperwork.

Still, there is this notion that blockchain is unstable, this is because of the fact that its mining aspects don’t allow it to focus on the energy inefficiency. If you are a tech geek, then you must be aware of the term CO2 footprint, which can’t be mapped in case of blockchain technologies with the non-blockchain one (crypto community is currently working on this issue). That is another discussion, in this blog we will talk about sustainability.

First of all, there is no transparency in the global supply chains and this even makes them vulnerable to frauds, human rights abuses, pollution and much more. One can’t track the sustainable behaviour of the individuals this way. That’s where blockchain technology can help as it offers an unprecedented level of transparency with a decentralized database. This database stores all the encrypted and immutable copies of the details stored on each desktop in a network. This even permits any trust-less party including firms and individuals that don’t know each other to perform peer-to-peer transactions. You can think of blockchain as a transparent bookkeeping machine which everyone can review.

Here is an example:

In Supply Chains: Supply chain systems have a very complex network which includes some separate and distant entities. Various functions occur in a supply chain system like the exchange of payments, goods and even data across a continuously evolving and dynamic medium. The underlying architecture is kind of similar to how blockchain technology works. By including blockchain in the supply chain management, one can easily find out where the goods are and could even identify the quantity of the material, product’s input material, quality and origin. As blockchain is decentralized, the exchange of data can be done easily from anywhere in the world. You can say that blockchain is an easy replacement of traditional centralized data structures while having a distributed ledger.

The cost of transaction and bureaucracy in the blockchain is also reduced which is very much required by various industries and jurisdictional institutions. For example, blockchain-based applications are used as an impact assessment and governance tool.

Blockchain has a token inventive and smart contracts mechanism and thus has a great future ahead. It can definitely help in creating a more sustainable world, but this will take time. We should always remember that technology is just a tool and not a bullet of silver, thus expecting immediate changes won’t be an intelligent thing. Apart from the benefits, there are some issues associated with the blockchain technology and improvements are expected to be made in the coming years.

elite_blog

Recent Posts

How To Take RPA Implementation to the Next Level?

Nowadays, running a business is not about doing hard work rather it’s more about smart work. The modern business is…

3 days ago

Ways to Yield Better output with Excel Automation!!!

Doesn’t matter if you love it or hate, it, without Microsoft Excel one just can’t run business. It is one…

1 week ago

Robotic Process Automation: Bringing More Job Opportunities in 2021

As per the recent studies by the end of the year 2021, we are expected to have nearly 2 lacs…

2 weeks ago

Best Work Practices For the Automation First Organizations!!!

New technologies are entering the market and with Robotic Process Automation, you must be having mixed thoughts about including it…

1 month ago

Things to know if you’re considering OSS/BSS Transformation!!!

For an organization, IT transformations play a very crucial role and they are usually driven by business-oriented departments. The fact…

2 months ago

Future of RPA and AI in 2020!!

Currently, the technology is moving forward with a fast pace due to the introduction of Robotic Process Automation (RPA) and…

4 months ago