The City Council of Liverpool has teamed up with the Poseidon Foundation to explore the potential use cases for blockchain technology, according to an official announcement.
The team will be focusing on using blockchain tech to reduce the carbon emissions in the city. To be more precise, the goal is to reduce the emissions by 110% until 2020.
Why Poseidon?
Up until now, most blockchain ventures usually address various issues in the financial sector. However, Poisedon’s technology is specially created to help everyone from individuals to corporations and even governments address climate change. That is exactly why the two partners will conduct a year-long trial to determine if this project is indeed viable. The trial will involve the Poseidon Foundation to collaborate with Liverpool-based BAC Mono in order to create “the world’s first climate-positive car.”
Laszlo Giricz, the Founder, and CEO of the Poseidon Foundation stated: “This is a ground-breaking partnership not just for Poseidon and Liverpool, but globally. For the first time, a city will use blockchain technology to go beyond rebalancing its carbon footprint – leading the way in the fight against climate change.”
Can blockchain help change the climate?
Technological struggles won’t be the only problems when it comes to reducing carbon emissions in Liverpool. Addressing this monumental feat with the help of still-relatively-new blockchain technology also implies educating people about the importance of climate change, which is why the foundation will collaborate with local schools and business.
The Poseidon Foundation’s open source ledger is built from the ground up with a strong focus on climate change issues. The fact that Liverpool’s city council has chosen it for this new-age plan of tackling climate change only emphasizes the potential use cases of blockchain technologies. The announcement also stipulates that blockchain is regarded as one of the “essential eight” emerging technologies by the PricewaterhouseCoopers that is expected to play a big role in solving future climate change and biodiversity issues.
Without a doubt, this partnership is interesting for many, as it highlights that a technology that is mainly used for financial purposes and, let’s not forget – that also powers Bitcoin and other cryptos, can actually help reduce emissions. Most importantly, if this endeavor succeeds, it will pave the way for other ventures and city councils to tackle climate change through the usage of blockchain technologies.
