Blockchain and suitability are two terms that don’t mix well and might possibly never be thought of or brought up on the same plane of discussion. It is a standard understanding at present but have you ever thought about why it is so? Sustainability is often put into the perspective of all the electricity that Bitcoin and other cryptocurrencies are consuming during the mining procedures and verifying the transactions that are taking place on the blockchain. Due to this very reason, the whole realm of blockchain is termed non-sustainable. Although such aggressive use of electricity is a concern that needs to be addressed, this doesn’t rule out the entire foundation of blockchain as non-sustainable.
Sustainability is an Encompassment of 3 Differentiating Factors
Sustainability is tested on three merits that are ESG loosely translating into environmental, social, and governance as three different factors weighing in for a final conclusion on the matter. However, it is only the use of electricity and its harmful effects on the environment that world leaders and men of influence use to term the whole industry as something that is not sustainable. It is not just to do so without interacting with the social and governance side of things.
Putting things into perspective, the idea of blockchain gives people a standard platform where everything right from booking flights to ordering take-out, buying books, and booking tickets to a concert could not only take place but thrive. As the idea of blockchain supports the end-user and their input towards it, this only promises growth and not any kind of oppression that many feel from the centralized platforms of the non-crypto world.
Talking about governance, nothing could run more efficiently and in an automated way than the laws and issues subjected to blockchain technology. It sees all rules and procedures executed in real-time without any interruption or lack of manual input whatsoever. That is why it is important to consider the full sphere of sustainability before dismissing the thought of blockchain as a sustainable environment.