To develop Effective Blockchain solution:
1 Tackle blockchain for environmental valueConstruction of international bank shared between two countries and multiagency blockchain initiative led to a number of profits that can be seen in different fields such as ocean health, plastic articles, electronic machines and management of the natural resources. If the actors want that blockchain will meet the expectations of the global environment then again interconnections are necessary for the international organizations in order to receive the reward of this technology.
2 Combine blockchain with AI & IoTThe traditional method that we were using for sharing information whose privacy is not confirmed has transformed into the new blockchain technology which has given a transparency factor in sending or receiving data. Combining with IoT, this technology has completely converted the centralized regulatory into the decentralized one due to the environmental problems of the natural system of the third planet which can be monitored, analyzed deeply adding that climate changes can be well-observed and how much energy usage per crypto currency is making adverse effect on the environment. To date, cloud computing and big data have been profitable by IoT and now it’s blockchain’s.
3 Collaborate for interdisciplinary solutionsIt is clear now that blockchain builds the system as crystal clear providing transparency of data, but this technology can meet the expectations of the planet if there exists cooperation between all the participants. Different sectors can collaborate and interconnect in order to enable blockchain’s applications to run smoothly. Shareholders, miners, domain specialist and actors are required to interact with each other for optimizing the services provided by this new blockchain technology.To make earth a better planet, interconnectedness among NGO, non-profit sectors, private and public are needed. A successful digital infrastructure has been developed by various efforts by the energy companies and the finance organization which is openly helping towards decentralization and de-carbonization the energy system. To implement the interdisciplinary approach—combining data scientists with environment and industry practitioner—is possible by working together in a research institution. Thereby, how can this blockchain technology can be of use? What are its impacts if used excessively? And what are risks that the environment has to face?The answers to the above-mentioned three queries can be possible if all the experienced technology scientists are researching together to ensure the sustainability of blockchain technology.
4 Prediction of challenges and unintended consequences-political economyNew technology has the power to change the existing system-industries into the authorized one. The regulators must be concerned about if these changes take place how will it affect the economy rate and the participants of the existing systems. Stakeholders worry more about handling of trust factor of data privacy and security.
5 Deliver “responsible blockchain”While focusing on the reduction of energy consumption and increasing revenues for the developers and the participants, if the strategy becomes out of plan then the blockchain technology looks in to privacy rights and clarifications of the accountability. GDF organization works together with other companies for governance, so that stakeholders involve themselves directly within blockchain ecosystem in a systematic manner.Making important arrangements required by governance.
6 Development of rapid approach to governance and regulation In present scenario we are having the centralized system— having management to control the system if any harm occurs in the technology where the regulators play an important role in monitoring the developments and taking action if they found any malfunction in the technology. If the differences occur between the authorities is at the greatest level then it will become a major challenge within the distributed system.
7 Frame more globally coordinated solutionThe global interconnected architecture can be structured by the blockchain technology as it has spread its roots in all the fields. Following are the points on how the blockchain ecosystem is governed:a. Making organization to be self-regulatedWithout worrying for the formal regulations proceedings—blockchain provides new choices to this system; financial freedom and self-sovereignty are underpinnings of self-regulation. A global code which is a supplement for regulations can be identified by global good practice. Some of the self-regulating processes already running in a few countries—U.S.(EQWITY), Japan(Last roots), Philippines (startups), and Singapore(TBD). To make relations with the environment, the self-regulators can be compromised and central regulation can develop the set of requirements.b. Government policies which makes nations to be regulatedRecently, this is the best method to command blockchain with local managers who are responsible to maintain area of authority in order to battle if any recognized fault arises.Greener protocol can be adopted by the blockchain communities. The funds which are received by government can be used for blockchain research which looks for scaling public-private projects.c. Regulations comprehensible globallyTo run blockchain technology at an international level—The international authorities and global managers are facing challenges in to order to understand the regulations globally. If small firms are having difficulty with blockchain, global organization will look into it, will establish a relation with environment along with harmony crosswise jurisdiction.
2.7 Challenges and Opportunities
In this chapter we discuss about the blockchain as a game changer, technology in both environment and business ecosystems. No doubt, this technology is better in every field for providing the transparency, saving energy usage and is far better as compared to the traditional models. But whenever some technology comes in the market it brings some challenges along with it. The technical issue that blockchain technology address is limited with is scalability because of foreordain in terms of the size of blocks and energy used by the crypto currencies. Though blockchain technology is decentralized, distributed and based on cryptographic techniques, it is not totally exempted from security issues as rising of cloud computing and quantum computing combined with the physical, digital and biological areas with the increase in speed and intelligence can prove dangerous to the blockchain ecosystem.
The challenges can’t be avoided—they also concur with the 4th industrial revolution i.e., AI, IoT, where an autonomous vehicle is able to generate opportunities for global development and creation of value. These technologies also have the power to speed up the environment’s degradation.
No doubt that these challenges need attention as the technology is upgrading day-by-day. Soon there will 6G technology, though China has already launched 6G phones, Japan announce the startup of 7G technology. As the advancement of revolutions is at its peak, blockchain developers have to cope-up with these technologies. Nevertheless, the opportunity window not be open forever.
The opportunities offered by the responsible blockchain ecosystem need to be authorized sincerely and regulators should be ready for not expected outcomes and failures. Just in case things go wrong, a variety of rules are required assuring an agreement with privacy rights to improvising security issues. Shareholders willingly share all these duties. The demand of the present time has compelled all the actors, miners, developers, producers, suppliers and retailers to use the blockchain technology for solving everything. For this requirement, a structured approach can help the practitioners on how to use this technology.
In the end, the future of blockchain is ready for time being, aware of the commitments and going through the facts and data. There are far more companies and people with data and views on the immediate and future of blockchain. Covering everything is not possible so creating a list of more forecasts on the future of blockchain in the real world versus the virtual one need focus on the practical—the real instead of the promises, the applications and the industries.
References
1. Schlapkohl, K., Blockchain Pulse : IBM Blog, IBM, United States, 2019, January 3, Retrieved from https://www.ibm.com/blogs/blockchain/2019/01/whats-the-difference-between-a-blockchain-and-a-database/#:~:text=-Blockchains%20versus%20traditional%20databases,the%20provenance%20of%20the%20data
2. AlMuhairi, O., Mariam, 2020, May 8, Retrieved from https://www.weforum.org/agenda/2020/05/why-covid-19-makes-a-compelling-case-for-wider-integration-of-blockchain/.