For the first time, the five largest global risks presented in the World Economic Forum’s Global Risks Report are related to climate. From devastating wildfires in Australia and the Amazon to devastating locust plagues in the Horn of Africa, 2020 was marked not only by the global COVID-19 pandemic, but also by a series of worrying reminders of the effects of climate change if left unchecked. …
Over the past year, we have witnessed the dangerous consequences of delaying action between looming crises. While the timing of climate change will not be measured in days or weeks, the headlines about climate change in the coming decade cannot be different from the coronavirus pandemic. To that end, the blockchain and the crypto community should consider applying the lessons learned from the coronavirus pandemic to the next looming global crisis: climate change.
Encryption and climate change
Blockchain and the cryptocurrency community have undoubtedly contributed to the greenhouse gas emissions generated by the aviation industry. According to a study published in the journal Global Environmental Change, frequent travelers are defined as people who travel “approximately 35,000 miles (56,000 km) per year … the equivalent of three long haul flights a year, one short haul flight per month, a combination of two “.
As a globally distributed community, it is likely that those working with blockchain and cryptocurrency spent more than average time in the air before the pandemic. As defined above, frequent travelers are likely to account for more than half of all passenger travel emissions, and about 2.4% of global carbon dioxide emissions are from aviation. Overall, experts estimate that the aviation industry is responsible for about 5% of global warming.
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A round trip from London to New York generates the equivalent of 11% of the average annual human emissions in the UK, or roughly the same total emissions as a person living in Ghana throughout the year. Flight emissions may not only account for a significant portion of a person’s carbon footprint, but they are also a testament to the huge difference in who emitters and who bears the greatest burden.
The unintended consequences of stopping the coronavirus include a sharp decline in air pollution and carbon dioxide emissions. In China, for example, carbon dioxide emissions have temporarily decreased by a quarter. While signs of environmental sustainability are promising, these effects are temporary unless sustainable measures to reduce emissions are taken.
Unfortunately, improvements in fuel efficiency have not kept pace with the rapid increase in passenger numbers throughout the year, which means that successful solutions to reduce emissions require people to reduce the number of aircraft.
The epidemic showed us the best solutions
While we tried to recreate personal interactions through video conferencing, which produced mixed results during the pandemic, technology has rapidly evolved to provide more promising ways of virtual interaction, that is, using social, virtual and augmented reality.
The Big Four audit firm PricewaterhouseCoopers has released a report predicting that “23.5 million jobs worldwide will use AR and VR by 2030 for training, business meetings, or to improve customer service.” Online video conferencing was not yet ready for the transition to a full-fledged virtual business, but over time, promising new solutions can provide better, more complete and photorealistic virtual environments that go beyond the current reality of 2D video conferencing.
Advances in virtual reality by some companies point to a broader need for virtual reality beyond traditional use in games and entertainment. As 2020 showed, the world was not ready for a home office culture. And while there will certainly be more virtual office environments in 2021, the recovery is likely to be driven by popular concerts using social virtual reality or SVR technology. Take, for example, how the concerts in Ibiza with David Guetta were digitally created by combining the most advanced SVR and AI technologies. Building a gig like this is incredibly time consuming than recreating most office environments, and it looks like the launch of these new companies will accelerate the overall takeover of the SVR industry.
As the old adage goes, necessity is the mother of invention. Advances in virtual reality will create a future in which fewer face-to-face meetings need to be held so that blockchain technology and the crypto community can reduce or eliminate unnecessary business trips full of emissions.