Blockchain for Sustainability Newsletter #4
Companies in action (week ending 24 April): Algorand, PlanetWatch, Treedom, Open Forest Protocol, TextileGenesis, Bestseller, and more
In this newsletter, we analyze six new blockchain projects from last week that address multiple sustainability issues1. You can also see the list of all 25 blockchain projects that were initiated last week here.
Blockchain that self-offsets its carbon footprint | Global
Sustainability Issues: High energy consumption of blockchains, GHG emissions related to energy, SDG #7 (Affordable and Clean Energy) and SDG #13 (Climate Action). Blockchain consume significant amount of energy to function, which have a negative impact on their carbon footprint.
Blockchain Solution: Under this project Algorand will implement the first smart contract to automate the offsetting of carbon emissions. This smart contract will automatically allocate a portion of every transaction fee to offset its carbon emissions. While, Algorand uses proof of stake consensus algorithm, which uses significantly less energy per transaction compared to proof of work blockchains such as Ethereum and Bitcoin blo…