At this point, it is needless to reiterate how much Bitcoin has impacted various sectors of the world. Industry leaders such as Elon Musk’s interest in Bitcoin and cryptocurrency have popularized it and caused changes in the market. Young people throughout the world are enthusiastic about it, interested in investing and some oldies who invested long ago are reaping the benefits. So how much has Bitcoin changed?
One of the major sectors that have been heavily influenced by cryptocurrency is the technological sector. Cryptocurrency uses Blockchain technology for growing and maintenance. In the last couple of years, a lot of research has been conducted on how Blockchain technology has brought change. Although most of the reports have indicated positive outcomes, some have been negative.
One of the growing concerns in people is the impact on the environment. Various reports published over time have pointed at the negative impacts of Bitcoin mining. The reason for this is the humongous use of the internet. Various research points out the fact that the excessive and continuous use of this technology has been extremely harmful to the environment. It is not only the process of mining that takes up a lot of data but also the transaction procedure. The amount of electricity needed to transfer bitcoin is way more than what is needed in other forms of digital dealings such as Credit Cards, Debit Cards and online transactions.
However, things are taking a different turn and organizations worldwide are coming up with a different side of the problem. In a recent publication by the United Nations, few important points have been highlighted. The experts at the UN believe that despite the environmental impact of bitcoin mining, there are some positive things as well. The first important thing about Bitcoin and related transactions stated by the United Nations is the transparency it brings with it. There are many ways it helps the world in solving larger problems such as those concerning, starvation, hunger, malnutrition, unemployment, the problem of housing etc. These are some of how the Blockchain technology has helped the UN –
- It has positively contributed to The World Food Programme – This is because the transactions in Bitcoin are transparent. There is absolutely no space for corruption. One of the important parts of the programme is the delivery of humanitarian cash. The problem is the corruption at the ground levels, especially by middlemen who commit fraud. The security that comes with Blockchain solves that problem.
- The same transparency has also helped in the programmes that aim at improving the lives of the refugees. The Building Blocks project has helped people in Jordan refugee camps in the same way. It has ensured fair and square distribution of donations to the most vulnerable group of people who have been displaced from their lands.
- Experts also believe that it can help the United Nations Environment Programme in the same way. In fact, in a UNEP report, it has been pointed out that bitcoin technology can help the waste workers directly. The technology also helps to keep a record of all the transactions which is valuable for future reference and to find discrepancies in the procedures.
- Bitcoin can be of great help in stopping the environmental degradation many experts believe. The biggest example is the role it has played in stopping illegal fishing, especially in the Tuna industry. It can also help in promoting renewable sources of energy which can reduce the global dependency on fossil fuels. If Bitcoin technology can successfully support the markets for alternative sources of energy, there is a big potential in reversing the impact of climate change.
Conclusion
Bitcoin technology is spreading fast and more people are gaining access to websites and apps related to Bitcoin trading. With websites for bitcoin investing and trading, businesses can transform how they function. Increased transparency and ease will facilitate changes that have the potential to have a great impact on the environment.
