{"id":284680,"date":"2021-06-26T17:24:00","date_gmt":"2021-06-26T14:24:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-and-sustainability-theres-more-to-it-than-electricity-usage\/"},"modified":"2021-06-26T17:24:00","modified_gmt":"2021-06-26T14:24:00","slug":"blockchain-and-sustainability-theres-more-to-it-than-electricity-usage","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-and-sustainability-theres-more-to-it-than-electricity-usage\/","title":{"rendered":"# Blockchain and sustainability \u2014 There\u2019s more to it than electricity usage"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d5689c40bf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d5689c40bf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-and-sustainability-theres-more-to-it-than-electricity-usage\/#Social\" >Social<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-and-sustainability-theres-more-to-it-than-electricity-usage\/#Governance\" >Governance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-and-sustainability-theres-more-to-it-than-electricity-usage\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Blockchain and sustainability \u2014 There\u2019s more to it than electricity usage <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYjcyMWQxOGMtZDI0OC00MjFhLWEyNTYtY2I2NTUzZTZkODE4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>In a little more than 40,000 days \u2014 or over a hundred years \u2014 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.\u00a0<\/p>\n<p>In the digital realm, blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> could be equally as transformative, with <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications 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.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ignore the headlines \u2014 Bitcoin mining is already greener than you think<\/em><\/strong><\/p>\n<p>The issue is that the current narrative uses this high electricity usage to call blockchain projects, and especially Bitcoin (BTC), unsustainable. This is not only detrimental to blockchain projects \u2014 especially from an investment and adoption perspective \u2014 but it is also untrue.<\/p>\n<p>Sustainability is judged on the three broad metrics of ESG \u2014 environmental, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and governance. The current debate \u2014 characterized by lack of nuance on the one side and needless finger-pointing on the other \u2014 has only focused on the environmental aspect of sustainability. The social and governance aspects have been widely ignored, which leads to an inaccurate sustainability perception for both Bitcoin and blockchain projects in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin miners can prove green potential by undergoing ESG ratings check<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Social\"><\/span>Social<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The social aspect should be seen in the broader context of the economy-wide shift to platforms. Everything from ride-hailing to buying books to ordering take-out is now taking place on platforms. In this winner-takes-all world, the market power of successful platforms allows them to eventually dictate unfair terms to their workers.<\/p>\n<p>Tokenized blockchain projects have the potential to address this wrong by making possible the ownership of a platform based on a worker\u2019s contribution. The result being workers benefiting from the growth of the platform instead of getting oppressed by it.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Understanding the systemic shift from digitization to tokenization of financial services<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Governance\"><\/span>Governance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Blockchain technology enables the transparent and automated execution of rules\/procedures on a global scale. This capability is based on a combination of immutability, transparency, censorship-resistance, decentralized software execution and economic incentive exclusive to the blockchain. <\/p>\n<p>This makes the blockchain a rich proving ground for governance in the digital age \u2014 a proving ground which, as we have seen in the decentralized finance space, is making interesting progress on an almost daily basis. It is only a matter of time until the lessons learned spill over into helping us better manage the global commons.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Decentralized parties: The future of on-chain governance<\/em><\/strong><strong><em> <\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A piece of fabric and wood from the original Wright Flyer was taken to the surface of the moon by the Apollo 11 astronauts. The fabric and wood had no functional purpose beyond the symbolic tying of these two historic events together. <\/p>\n<p>It has been around 4,600 days since the Bitcoin whitepaper was published. With the breakneck speed of innovation in the blockchain space, the current blockchains \u2014 and their energy consumption \u2014 will also be icons of the past. <\/p>\n<p>It would therefore be more productive to take a more holistic view and steer toward a sustainable end result, rather than being overly judgemental of a work in progress \u2014 and losing possible social and governance gains, opening blockchain up to grifting and profiteering in the process.<\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Gys Hough<\/strong> is managing partner at Coinstone Capital \u2014 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.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Within that short time, the amount of fuel burned and, unfortunately, even lives&#8230;<\/p>\n","protected":false},"author":1,"featured_media":284681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYjcyMWQxOGMtZDI0OC00MjFhLWEyNTYtY2I2NTUzZTZkODE4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,74863,74872,90652,76751,4965],"class_list":["post-284680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-cryptocurrencies","tag-green-technology","tag-greenergy","tag-sustainability","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/284680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=284680"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/284680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/284681"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=284680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=284680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=284680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}