Using Blockchain to speed up your decarbonization path

Using Blockchain to speed up your decarbonization path

Blockchain
June 7, 2022 by Diana Ambolis
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Learn how industry leaders are leveraging AI, blockchain, and the cloud to accelerate the achievement of sustainability goals and achieve actual commercial breakthroughs. Corporations all around the world are focusing more on sustainability and developing strategies to achieve net-zero greenhouse gas (GHG) emissions by 2050 or sooner. It is of utmost importance to reduce the
Using Blockchain to speed up your decarbonization path

Learn how industry leaders are leveraging AI, blockchain, and the cloud to accelerate the achievement of sustainability goals and achieve actual commercial breakthroughs.

Corporations all around the world are focusing more on sustainability and developing strategies to achieve net-zero greenhouse gas (GHG) emissions by 2050 or sooner. It is of utmost importance to reduce the 51 billion tons of carbon emitted into the atmosphere each year to zero and limit global temperature rise to 1.5 degrees Celsius, to cease global warming and the effects of climate change. Across industries, but notably in those that contribute the most to global carbon emissions*, immediate action is required:

  • Industry (steel, cement, and plastic) accounted for 31% of the total.
  • Energy and electricity (coal, oil, and gas) accounted for 27% of the total.
  • Agriculture (crops, plants, and animals) – 19%
  • Transportation (16%) (planes, vehicles, trucks, and ships).
  • 7 percent Heating and Cooling (air conditioning, refrigeration)

Companies working in these industries can benefit from a sustainability strategy that prioritizes low-carbon manufacturing, energy efficiency, clean power production and consumption, fleet electrification, smart infrastructure and buildings, sustainable supply chains, and circularity.

Sector leaders are leveraging digital innovations such as artificial intelligence (AI), blockchain, and the cloud to help their organizations and industries achieve sustainability milestones faster and achieve meaningful breakthroughs.

8 ways blockchain can be an environmental game-changer

For example, Mitsubishi Heavy Industries and IBM are collaborating to create CO2NNEXTM. This digital platform intends to accelerate the transition to a future society in which CO2 emissions are used as industrial input. The platform visualizes and strengthens the CO2 supply chain by using blockchain and artificial intelligence. Data on how CO2 is taken, used, and stored is currently only viewable at each step of the process. CO2NNEX will connect and visualize data, give traceability, and connect CO2 emitters with organizations that may use it, allowing for new applications in agriculture and alternative e-fuels.

Building a strong foundation for sustainability requires standardizing facility asset data and health assessment systems. Everyone needs to prioritize deferred maintenance, capital projects, and program backlogs as we work toward net-zero targets and carbon footprint reductions, and we must address the asset health and condition underpinning these decisions. We may systematize our knowledge to affect actual change by following basic, consistent procedures to maximize efficiency.

We must first identify significant assets that have the greatest impact on sustainability indicators (HVAC systems, lighting systems, etc.) in order to make fair comparisons. Then, we must analyze their health using uniform techniques and risk ratings.

One inspector, for example, refers to an asset as an “air handler” and collects data on the unit she is evaluating. She keeps track of the asset’s manufacturer, makes, model, nameplate, age, and most recent maintenance. This inspector also mentions the unit’s unique state as a result of its rooftop placement, which is exposed to sand and debris.

Another inspector labels a similar asset a “blower” and records data on the asset’s manufacturer, make, model, nameplate, and age, but not any other risk factors that could shorten its lifespan. We have a gap on numerous levels: the varied nomenclature makes it difficult to search for and identify the two units. We can’t generate an informed guess regarding early failure root-cause concerns without more follow-up inspections. Furthermore, we have limited capacity to prioritize higher and lower risk assets for future maintenance and capital replacement.

Also, read – How blockchain technology can lead us to a corruption-free world

We must first create a consistent, standardized list of all terminology and requirements to tackle these issues. We can join projects to increase equipment purchasing leverage and components and engineering services when we uncover shared opportunities. These crucial activities will help firms achieve major sustainability improvements.

We can build more efficient systems that allow us to manage vast facilities with fewer resources if we start with a conscious foundation. Building consistent processes allow us to make unambiguous recommendations for essential capital project investments, prioritize those projects based on significant risk, and influence compliance and other cost-cutting goals. Above all, these foundations enable us to reach our full potential as contributors to a more sustainable future for our businesses and the world.