Behind the crypto-hype

Abstract

The hype around blockchain technologies for sustainability peaked a few years ago, with initiatives to “blockchain solutions” to “help save” the Amazon rainforest, improve supply chain transparency, and create new forms of “climate-positive” cryptocurrencies and Non-Fungible Tokens (NFT). This chapter explores the excitement around blockchain technologies and crypto-currencies for sustainability and climate action, their promises, and their harsh realities. The chapter discusses how a technology intended to increase decentralization and transparency, instead seems to lead to further opacity and the concentration of resources. I also briefly discuss the energy use of cryptocurrencies, the generous use of tax haven jurisdictions, and their tangible material footprint.