and network and develop it. No part of this system can continue working each without the other.
An ecosystem comprises entities that collaborate along perpetuity of consumer’s needs to deliver greater value and bolster the addressable retail market. An ecosystem is defined by constructing a ring around organizations, individuals, and things that share or complement a set of interests. This circle will be defined by the mindsets of the stakeholders and whether they would want to create efficiencies, curate new markets, and improve collaboration.
The collaborator-stakeholders defined ecosystem as a scope from creating economically broad and sustainable markets aligning with emerging customer preferences and leveraging open source development for complex problems. These interests can include intercommunications within and cross wide organizations, different sectors of the economy, and industries. A blockchain ecosystem is said to be developed if it allows the interconnectedness not only with producers or sellers but also with the consumers. Its aforementioned correlativity permits to build systems that can selectively take profit of the blockchain—in its trustworthiness, clarity, and decentralization. The Blockchain ecosystem is helpful to maintain the environmental sustainability as it is having potential to verify the transparency of the transaction records—data which has to be transferred and the person having the data at present can both be verified by blockchain technology. This can be implemented by the decentralization and digitalization of the conclusion. Blockchain ecosystem also promises to improve the existing governance environmental models which are progressing at steady rate and intermediaries associated with the models taking sweat equities charging high by empowering broader people of stakeholders. Moreover, Blockchain are public—records are visible to everyone but none have permission to delete those records or destroy them. Basically Blockchain are of three types: public-like decentralized organization, private-degree of openness is limited to specific users like in Audit companies, Consortium—refers to an agreement between the organization and actors. In nature, ecosystems tend to arise naturally. To ensure the ecosystems fulfill their purpose, they’re often controlled by the creation of applications, integration with external systems, added on by the creator also. There are Self-fulfilling agreements, the smart contracts which can manage the system automatically, by the members of the ecosystem just in case.
2.2 Blockchain as Game Changer for Environment
Transformation in the existing environment ecosystem can be imported by the blockchain technology by adapting decentralized, efficient energy resources and water systems. Data like—how much water used at household level, how much energy required per area, etc. Eradication of the species from earth seems like becoming the trend, as the lessening of biodiversity at its peak. The ocean is becoming more acidic day by day as its plants are consuming greenhouse gases. As predicted by scientists by 2050 we will be having fall of 30–35% water as the water’s demand is increasing by 1% every year. Along with that, the Earth’s atmosphere circular system and climatic changes, deforestation rates, are also calculated that approx 7.5–8.5 million tons of plastic are present in the sea water which is effecting the food chain.
All these records can be maintained on the blockchain environment system with the help of smart sensors. The data which can’t be collected manually if collated contains partial information base on which decision makers of centralized organization and retailers make their conclusions. This inadequacy has been improved by blockchain technology by providing more informed decision making and transforming the centralized into the decentralized one. With the help of blockchain ecosystem we can easily trace and verify the renewable energy resources, P2P transaction, make value as dynamic plus to that balance of the demand side economy. This technology can be used as a base to make people aware of the natural calamities—it prepared the communities in advance for upcoming disasters. Through smart contracts it ensures the transmission of important information among the large range of users at the time of natural mishap. The role of the blockchain resembles that of a wild card for the already existing ecosystems which does not disturb and is effective for climate change and other environmental challenges, known to be as game changers can be stated as follows:
1 Supply Chain Management: See Through ChainsWhenever the customer buys the product a trust factor is associated with that brand like Johnson’s, Maggi, or Lakme. The information that consumer keenly is looking for is that the manufacturing of that product should be fair which is not available and sometimes it becomes difficult for them to verify whether the product is genuine or fake. For the product to reach the store it has to travel through many intermediaries—producers, suppliers, retailers, in-between reconstruction or remodeling can be done with the product’s brand—chemicals can be added, basic materials can be changed or replica of the product can also be made with low quality constituents. At the end it is the customer who will be suffering. Here comes the savior for consumers i.e. blockchain. Blockchain enables tracking of the path of product beginning with manufacturing, traveling till its destination like a GPS of product’s route. Customer can get all the answers of the four questions:a. Where the products are produced?b. How efficiently is it produced?c. Where they dispose their waste?d. How much biasness is involved?Blockchain has the potential to make the supply chain transparent which can help the buyers buy more environment-friendly products. To track the path of food also seems to be benefitted in cutting down the carbon emission as the consumer will avoid traveling long distances. It brings all the stakeholders-investors, developers, workers, producers, suppliers, retailers, the consumer under one roof by interconnecting all of them which makes this platform a unique one. Blockchain technology also assures that the sea food must be coming from the sustainable fisherman. For food tracking Dapp has developed Foodtrax; Provenance is one of blockchain’s project helping actors to see through supply chains.
2 Incentivizing Circular Economies via RecyclingVarious efforts have been made to carry out the recycling programs in separate cities which often led to failure and sometimes not being able to track & compare the impact of the recycling plans .These reusing program give rewards for submitting plastic containers or bottles in the form of a token. With the help of blockchain technology we can easily track the location where this recycling program is implementing. It is also helpful in increasing incentives as for depositing each plastic article participants are getting in return crypto currency which overall is good for the circular economy. Blockchain keeps the record of the volume of the material that has been deposited which is value and profit for evaluation. In coming years we will be using plastic money as plastic bank is a project which aims to convert plastic into currency in exchange of plastic materials by setting up collection centers at different locations. Dapp Recycle to coin also enables communities to receive tokens in return of plastic bottles.
3 EnergyIt’s a common problem faced by all the commoners’ or businesses covering the world and not an issue for some particular human beings. During the breakdown of natural calamities, poverty or extreme climate changes, interruption of electricity is a very common problem encountered by every citizen not accessing to power which ultimately leads to blackouts. Blockchain environmental ecosystem prepares for this kind of situation if it ever takes place. To decrease the requirement to transmit the electricity to far places it has P2P blockchain which is based on blockchain energy system. This can help in transmission of the electricity from local areas where it’s originally generated to the areas where it is required. This also supports in reducing the energy storage. A platform which can solve this problem working on the blockchain is a Trans active Grid which is a combined legal agreement between two blockchain companies, ConsenSys and LO3 Energy. If someone wants to get return or want to gain profit there is a way provided by the blockchain environment ecosystem. You can simply invest in the renewable energy installation through blockchain platform and get returns as a token seeking how to invest where to invest which can be done by dapp-EcoChain. For solar energy–renewable energy, sun contract is a blockchain which bases on P2P trading platform. Solar coin app aims to maximize solar installations is based on an electric chain i.e. a blockchain platform.
4 Environmental
