Blockchain Marketplaces can Boost Carbon Reduction Practices Significantly: Raj Chowdhury

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Combined efforts from the blockchain community can make a positive contribution to global carbon reduction, feels the HashCash CEO.

Blockchain’s distributed ledger offers a fighting chance with real-time data access and validation, guaranteeing immutability and transparency in efforts of carbon emission reduction.

Rising global concerns regarding climate change and carbon emissions have prompted worldwide organizations to use their resources and seek effective methods of carbon reduction. Hashcash CEO Raj Chowdhury addresses this concern and offers a viable solution, mentioning how blockchain technology, a major disruptive force in the present landscape, can present solutions promoting carbon reduction attempts.

The Net Zero Coalition Paris Agreement recommended keeping global warming within 1.5 ℃ and reducing emissions by at least 45% within 2030. While multiple carbon reduction processes have been developed by scientists and research organizations, the main challenges lie in scalability and effective implementation across all corners of the world.

Chowdhury, a noted pioneer, and advocate for blockchain adoption, states, “The battle to prevent climate change is a race against time, and the only way to possibly succeed is through the unification of our efforts at all levels- all the way from the bottom to the top. Blockchain’s distributed ledger offers a fighting chance with real-time data access and validation, guaranteeing immutability and transparency in efforts of carbon emission reduction.”

The available carbon reduction solutions are expensive, setting back implementation. There is also the possibility of carbon-pumping organizations cooking up numbers offering false documentation for short-term cost-cutting. Blockchain-powered smart contracts and marketplace solutions boost demands with enhanced monitoring and reporting of carbon reduction throughout the entire value chain. The technology is also being used to promote smart carbon-conscious farming practices in certain parts of the world.

"As a technology, blockchain is built upon the principles of decentralization. Environmental concerns regarding Ethereum's energy-intensive PoW mechanism are getting addressed with its switch to the less power-hungry PoS mechanism," concluded Chowdhury, who had previously spoken on the rising adoption of DAOs for humanitarian causes and the implications of EU’s crypto curbing law.

The Chowdhury-led HashCash Consultants remain at the forefront of blockchain development and innovation delivering solutions in over 26 nations. The company made a notable contribution to the UAE’s upcoming crypto transformation. The HashCash chief recently announced plans for crypto donations to the Ukrainians witnessing the horrors of war.

The main challenge to address growing environmental concerns regarding carbon emissions and subsequent reduction procedures is the part of the implementation. Blockchain offers multiple potential solutions for addressing the grave solution. The rest lies in organizations willing to make a positive change for the future.

About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.

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