The Blockchain technology came without any warning, and while many are well-equipped with enough information on the technology, many others aren’t really informed on what it is and how it affects them directly or indirectly. And one thing many people are not aware of is the impact of the blockchain technology on global warming. Surprised? Well, you are not alone.
Brief Summary of the Blockchain Technology
Before we talk about the impact of the blockchain technology and how the TIM blockchain is changing this, what is blockchain?
Simply put, blockchain is the database technology which cryptocurrencies like Bitcoin and Ethereum operate on. Since its introduction, it has disrupted many industries and is already being integrated into payments and banking activities. The downside to this is that many people have not yet realized the negative impact this technology has on global warming.
Impact of Blockchain on Global Warming
You might probably freak out by the time you are done reading this section, so brace up!
In a research made in December 2017 by a cryptocurrency website known as Digiconomics, it was stated that global bitcoin mining uses more power than the whole of Serbia. That’s not all, Eric Holthaus, a writer for Grist estimated that by July 2019, Bitcoin peer-to-peer networks like BitTorrent would need a lot more electricity than the whole of the United States, and by November 2020, they would require more electricity than what the entire world needs today.
What all of this means is that Bitcoin causes the emission of an equivalent of over 17.7 million tons of carbon dioxide per year, which if you think about it, is a huge “goodbye” to the earth’s climate, forests, and coastlines in the next few years. But look on the bright side, there is a solution, and that’s the TIM blockchain.
How TIM helps in Reducing the Impact of Blockchain on Global Warming
Next to the Oil and Gas industry, you can be rest assured that enterprise IT follows, and even if cloud technology has long been adopted, there is still a lot of processing and traffic that is being carried out using cross-continent data hops. But the TIM blockchain is doing better.
The TIM blockchain creates a peer-to-peer network where members can disseminate and consume their services. It does this by providing a high bandwidth and localized consumption. This can be attributed to multigraph setup of the TIM blockchain which ensures that not every transaction is completely transmitted to each of the nodes across the entire globe. Doing this causes an exponential decrease in replicability, traffic, and the rate at which data is consumed, hence, having a huge positive impact on the environment.
Bitcoin, the pioneer of the blockchain and the most popular cryptocurrency, can only be gotten by either exchanging it or mining it, and this has been projected to have a negative impact on the environment. And though cloud technology was introduced, it still didn’t reduce this effect that much. But with the TIM blockchain’s multi-graphed nature, the impact of blockchain on global warming is for sure going to reduce drastically.
Find out more on: https://www.talking.im/