Blockchain technology has the potential to contribute more towards environmental sustainability

According to a report by the Environmental and Energy Study Institute, 80% of the world’s energy comes from carbon-intensive fossil fuels. This leads to negative climate effects and an overall increase in global temperatures. According to an IPCC report, we must strive to move to zero-carbon energy technologies to limit temperature rise to 1.5 degrees.

However, our over-reliance on non-renewable energy sources and lack of innovative technologies prevent us from reaching the IPCC’s targets. The consequences of climate change are already playing out as the arctic native Inuit face existential hardship from warmer winters. Even in the US, extreme weather causes power outages with outages increasing by 60% from 2015-2020.

In the midst of the climate crisis, blockchain technology can provide a long-term solution to meet the challenges of fossil fuel-dependent energy production. However, it is important to dispel some myths about the blockchain cryptocurrency sector before proposing solutions.

Is Blockchain an energy-guzzling technology?

Several reports have pointed to the energy-intensive technologies that power cryptocurrencies such as bitcoin, causing harmful environmental impact. For example, researchers from the University of Cambridge stated that bitcoin mining consumes over 121 terawatt hours (TWh) of energy annually. This corresponds to Argentina’s annual electricity consumption.

However, a report by the World Economic Forum showed that the global aviation sector uses 4,030 TWh of energy. Therefore, the energy comparison is often a redundant problem. Also, the blockchain community is taking proactive steps to reduce environmental damage. For example, 39% of bitcoin’s energy needs for mining come from renewable sources with ongoing efforts to scale up.

But there is always an opportunity to make it even better. Companies like Elan Future are doing so by leveraging blockchain technology to transform the fossil-based energy sector. Elan’s R&D team builds sustainable energy solutions to make way for a fair and green global energy distribution.

Elan Future: Using Blockchain to Overhaul the Energy Industry

Elan’s blockchain called ‘The Chain’ offers a utility powered Elan token to generate, store and transmit clean and cheap electricity. Consumers can use the Elan token to power their Elan products and remotely monitor usage throughout the chain. Users can also send Elan tokens to underprivileged people without access to electricity to purchase and operate Elan devices. By donating power through Elan’s decentralized ‘chain’, you cut down on platform fees and transaction fees, with tokens going directly to the people.

Elan uses its patented parametric resonance technology to build amplifying energy generators called Apollo that produce 10 times more energy. Apollo is a plug-and-play device compatible with all energy sources to power households, industries and electric vehicles (EVs). It helps save domestic energy costs, causes less industrial pollution and increases the mileage of EV batteries. Apollo is connected to Elan Chain for 24/7 control over power consumption and use.

Elan also harnesses the power of negative ions to generate AC/DC electricity from radiant energy, producing sustainable and green electricity. Known as Model 2, the energy generator can reduce dependence on fossil fuel-based energy production. Another Elan product called Bia can reduce the electricity bill for house heating by over 97%, thus also saving energy.

Decentralized and permission-free blockchain technology can change the course of action in the fight against the climate crisis. There is no longer empty rhetoric and unfathomable questions about how and when. Companies like Elan Future have already shown that blockchains can be a powerful weapon to reduce carbon emissions. Elan’s technology can make way for environmental sustainability and fair distribution of energy.