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Blockchain and sustainability — There’s more to it than electricity usage

Published 06/26/2021, 10:24 AM
Updated 06/26/2021, 03:40 PM
Blockchain and sustainability — There’s more to it than electricity usage

In a little more than 40,000 days — or over a hundred years — we have gone from the first terrestrial flight to the first flight on another planet. Within that short time, the amount of fuel burned and, unfortunately, even lives lost have been immense. In exchange, flight has completely transformed everything from commerce to warfare and has led to the birth of completely new industries. As aviation progressed, fuel efficiency improved and mortality rates also dropped immensely.

In the digital realm, blockchain technology could be equally as transformative, with applications in everything from trade, exchange, cooperation, identity, and resource usage management. At the moment, these advancements come at the cost of high levels of electricity usage. This is a concern that should and will be addressed.

Gys Hough is managing partner at Coinstone Capital — a Dutch digital asset investment advisor that focuses on customized crypto assets portfolios for retailers, HNWIs and family offices. Gys writes and lectures on blockchain and society with a special focus on tokenization, inclusive platforms and CBDCs.

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