Ritossa Summit Dubai delves into why blockhain is key to sustainable world
Bitcoin Association Founding President Jimmy Nguyen presented a keynote at the 13th Global Family Office Investment Summit in Dubai, highlighting the growing importance of blockchain technology in sustainability and protecting the environment.
He spoke of a number of apps built on Bitcoin SV (BSV), which are already having an impact on data collection and decision making in the sector.
WeatherSV allows anyone to pay to record weather data channels. Data is written permanently to the blockchain and is publicly available, with channels maintained for locations all over the world. Over time, the plan is to create a data marketplace where individuals, companies and other organizations can access weather data from a universal trusted source. Because it is written to the blockchain, anyone can access the data, and whoever owns the data can receive small payments in BSV, allowing it to be monetized. Crucially, the data is also immutable, providing a more trusted source for weather related data feeds.
RecycleSV is another app, using data to create incentives for people to recycle more of their waste products. Via a mobile app, recyclables can be scanned by the barcode or QR code, and can be confirmed recycled at a scanned recycling locations when dropped off by the user. This allows users to track how much they have recycled, to earn points, receive tokens and even small amounts of BSV in exchange for recycling—the more they recycle, the more they can earn. The app provides an immediate financial incentive to recycle through the blockchain, which can be verified and audited on a public blockchain, thereby encouraging more people to recycle their waste.
Predict Ecology is an app developed by an environmental scientist in Australia. The app is currently tracking trees with IoT devices, recording all types of data in the process, such as CO2 emissions and oxygen contributions per tree. All this data is then accessible on a public blockchain and can be monetized by the city, as well as allowing for decisions to be made for environmental purposes. This can also be used for estimating the value of saving trees, for example, or for reflecting on the impact of tree planting programs in offsetting carbon emissions at a city or state-wide level.
Singapore is already leading the way with its traffic monitoring system, using blockchain technology to record data relating to over 4 million journeys per day, and 1.6 billion journeys per year. Data is collected on the number of cars, occupancy levels, distance travelled and emissions generated, allowing for better planning of resources and more equitable charging based on usage. In particular, the application already allows for the management of congestion, and will in time be used to more effectively offset emissions by charging more accurately according to distance travelled.
These technologies are already providing governments with greater insights via the data collected. But as more systems across government become integrated with blockchain, the opportunities for significant improvements in systems and public outcomes become ever more vast.
According to Nguyen, each of these apps is best handled on BSV, the original and only Bitcoin platform that meets the technical and economic demands of high volume data applications. All the data is valuable in environmental use cases, and is best monetized on a network that can scale at over 50k transactions a second. With the technical capacity and functionality to handle it, only BSV can rise to these challenges.
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