Make rational use of smart contracts to help the development of low-carbon economy

With the rapid development of the world economy, large amounts of carbon dioxide and other greenhouse gases are emitted, which has accelerated global warming and caused sea levels rising. The accompanying meteorological disasters have also increased significantly. In response to this problem, in recent years, the scientific community and governments of various countries have basically reached an agreement. In the foreseeable future, global warming caused by excessive greenhouse gas levels will have a negative impact on human life. Therefore, the promotion of a low-carbon economy is considered to be one of the effective ways to avoid catastrophic changes in the climate and maintain the sustainable development of mankind.

Low-carbon economy is based on low energy consumption, low emissions, and low pollution. Its essence is to improve energy efficiency and create a clean energy structure. The core is technological innovation, institutional innovation, and changes in development concepts. The development of a low-carbon economy is a global revolution involving production models, lifestyles, values and national rights and interests.

Although Bitcoin mining and other behaviors have been controversial due to the issue of power consumption. However, the economic incentive mechanism created by smart contracts can provide a huge impetus for the development of a low-carbon economy. With smart contracts, we can create a fully automated incentive mechanism that is open to users anywhere in the world, and directly reward individuals, companies and governments that actively promote sustainable development, and carry out renewable agriculture, carbon compensation, and clean energy research and development applications. Initiative. For the time being, we will call this type of smart contract an “environmental smart contract”, which can fundamentally change global consumption habits and encourage all mankind to participate in the construction of a low-carbon economy.

Difficulties in creating environmentally friendly smart contracts

There are difficulties in the development of environmentally friendly smart contracts. Because smart contracts can only be triggered passively, and the blockchain itself cannot effectively connect data in the real world, such as environmental data, the creation of environmentally friendly smart contracts requires the use of oracles. For example, the ADAMoracle can transmit agricultural data directly to the blockchain. This means that smart contract developers can finally develop applications around crop yields, soil quality, weather reports, and carbon offsets. As more and more environmental data such as weather data or IoT sensor data are continuously sent to the chain, developers have also begun to develop a series of environmentally friendly smart contract applications.

The core of facing climate change is to reduce greenhouse gas emissions from man-made activities, stabilize the concentration of greenhouse gases in the atmosphere, and control the increase in surface temperature to protect the ecological safety of the earth and the sustainable development of human society. The core strategy to achieve this goal is to promote revolutionary changes in energy production and consumption, develop and establish a high-efficiency, low-carbon new energy system with renewable energy as the mainstay, and promote the transition of economic and social development to green and low-carbon.

We give examples of some application scenarios. Through the incentive mechanism of smart contracts, we encourage people to live a low-carbon lifestyle and develop clean energy at all levels, both to modify behaviors and change production methods, so as to achieve the protection of the earth’s ecological safety and the sustainability of human society. The ultimate goal of development.

1. Renewable agriculture

Rattan Lal, chairman of the International Soil Science Federation, who won the World Food Award in 2020, regards regenerative agriculture as an important research topic, and believes that this model can truly meet the increasing demand for food and the need for improving the ecological environment at the same time. Regenerative agriculture is also one of the most valuable application scenarios of environmentally friendly smart contracts, such as motivating more sustainable land use policies around the world.

The smart contract connected to the ADAMoracle oracle machine can automatically issue rewards to those who manage important land. The oracle obtains data from satellite images and triggers smart contract payments on the blockchain to ensure fair and transparent distribution of rewards to frontline workers.

2. Encourage low-carbon consumption behavior

Smart contracts can incentivize individuals and organizations that contribute to the low-carbon economy. For example, once an individual or organization achieves a specific environmental protection behavior, it will be able to get the corresponding token as a reward. Satellites or IoT devices must report the corresponding data to the smart contract to meet the preset standards before the contract will issue token rewards. These tokens can be sold to charitable organizations, crowdfunding projects, or even companies hoping to contribute to environmental protection, so as to realize quick realization and enable contributors to obtain substantial benefits.

Although many consumers have begun to change their consumption behaviors, but to establish a consensus on environmental protection in the whole society, it is necessary to promote sustainable consumption through economic incentives. Smart contracts are connected to ADAMoracle to connect to off-chain data, which can reward or punish consumers based on the impact of consumer behavior on the environment, and this behavior change cannot be achieved only through environmental education. At present, some smart contracts are using big data monitoring to analyze and compare the carbon emission behavior of some entities. Smart contracts can obtain these data through oracles, and distribute rewards based on the subject’s carbon emission level, so as to encourage positive and sustainable low-carbon consumption behavior.

3. Encourage the development and application of clean energy, and establish a direct energy trading mechanism

Clean energy or green energy refers to energy that does not emit pollutants and can be directly used in production and life. It includes nuclear energy and “renewable energy.” Renewable energy refers to energy sources with renewable materials, such as hydroelectric power, wind power, solar energy, biomass (biogas), geothermal energy (including ground and water sources), and tide energy. New energy research and development is only one of the technical difficulties. Promotion and application need to mobilize people’s enthusiasm more widely. This is the advantage of smart contracts.

We can use smart contracts to connect to the ADAMoracle, establish a quantifiable data system, encourage the development and application of clean energy, and establish a direct energy transaction mechanism. At the same time, smart contracts can also provide a variety of energy consumption solutions for low-carbon consumers, establish a direct energy trading mechanism, and allow users to generate electricity and trade electricity with others on the trading platform. The trading platform uses the blockchain as a coordination mechanism. Clean energy trading can effectively promote new energy and reduce greenhouse gas emissions.

Since the development of the Internet era, it has far exceeded the scope of initial applications. The rise of smart contracts also proves that blockchain technology is far more than decentralized currencies. The blockchain and the oracle jointly opened the curtain of the era of smart contracts and created a new incentive mechanism for the sustainable development of mankind. As climate change issues are getting more and more attention, we need to show to the public that discussions on the impact of blockchain on the environment should not be limited to the energy consumption of the blockchain consensus mechanism, but should also include the impact of blockchain technology on human society. The great value of sustainable development.