According to Cointelegraph reported on January 10, Arun Ghosh, head of the US blockchain at KPMG, predicts that by 2020, blockchain and the Internet of Things (IoT) will be used to combat climate change.
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Devices in the Internet of Things are embedded with sensors, software, and connected to the network, enabling them to collect and exchange data. According to the 6 predictions on blockchain development shared by KPMG and Cointelegraph, Ghosh states:
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The convergence of these technologies enables organizations to accelerate environmental governance, and blockchain will be used as a core component to promote sustainable development.
Data can show climate change, but climate management requires blockchain technology
KPMG has operations in 154 countries around the world, and Ghosh explained that the company has found that emerging economies are increasingly focusing on automated air quality control mechanisms. Ghosh noted that KPMG companies in India, Ukraine and China have been in talks with key players about future air quality standards.
Although Ghosh declined to disclose the details of the negotiations, a recent report by Grand View Research Inc. showed that the air quality market size is expected to reach $ 6.5 billion by 2025. The report also states that wireless communication networks are likely to be used for iodine-based air quality monitoring systems in the future.
Ghosh noted that as data on air quality has been proliferating, more and more evidence is beginning to support carbon offsets, namely reducing carbon dioxide or other greenhouse gas emissions.
Ghosh explained that blockchain-based protocol-backed auditing standards are being applied, enabling climate management to ensure that carbon offsets are made.
Devices using the Internet of Things provide emissions-limiting solutions for regions. A fixed network of sensors can provide a source of historical data on air or water pollution. Monitoring of water resources shows that IoT sensors can be installed in specific locations to monitor sewage discharges or storm drains over time.
Ghosh pointed out that the blockchain platform that provides smart contracts will soon control the IoT network, thereby ensuring the smooth operation of the network. In addition, a blockchain-based storage platform can securely store data recorded by IoT devices. Ghosh told Cointelegraph:
The call for the use of carbon monoxide statistical standards is high, and it requires trusted data from IoT devices. We've heard more discussions about data and carbon offset projects, and how we can merge these projects into better standards through blockchain and IoT devices.
2020 Davos Forum will discuss blockchain-based climate management
Ghosh noted that blockchain applications in climate management will be discussed during the World Economic Forum in Switzerland this month.
Since 2017, the World Economic Forum has been funding certified carbon offset projects around the world. This year, the World Economic Forum noted that blockchain will have the opportunity to have a social impact. A blog post from the World Economic Forum revealed that the conference will discuss some hybrid blockchain models:
This year, we expect to see an increase in hybrid blockchain model trials, including in the financial sector, such as the use of decentralized finance (DeFi) and central bank digital currencies (CBDC), and the use of smart contracts in the public sector. This is an effective way to use technology to increase comfort.
Ghosh noted that the application of blockchain and IoT in climate management will be discussed at the Davos Forum this month. He says:
We have had multiple conversations with agencies and KPMG partners, and there are signs that the blockchain will achieve effective climate management.