BLOCKCHAIN FOR ENVIRONMENTALLY SUSTAINABLE ECONOMIES: CASE STUDY ON 5IRECHAIN

Abstract

Blockchain technology, therefore, creates opportunities to make things differently. The field of sustainability is one of the areas where efforts of the international community are scarce and deficient. For this reason, blockchain could be implemented to improve and advance the achievement of UN-SDGs. This paper focuses on the application of blockchain to address pressing environmental challenges such as climate change, biodiversity loss, and water scarcity along with a case study of 5ireChain. It looks at emerging applications including those that might be the biggest game-changers in managing our global environmental commons while assessing the potential challenges and developing recommendations to address them.