For those who want to know more about DLT and its role in addressing Climate Emergency, there is a comprehensive report from ETH Zurich:
Here are a few summary of the summary points :)
- Climate change is a global problem, but it requires a decentralised, multi-stakeholder, bottom-up approach to be solved.
- It requires an open and transnational platform of existing (carbon markets, taxes, pricing) and evolving climate action instruments (NDCs).
- LT is a technology (an IT system) to manage a database, without a central administrator or centralised data storage.
- Smart contracts are rule-based computer code without a “spirit of the agreement”, which creates new vulnerabilities (e.g., as witnessed by the USD 150 million DAO smart contract hack), however they could still be powerful tools to increase the level of decentralization.
- Benefits of DLT:
- Fault tolerance; Attack resistance; Resistance to collusion and abuse of power; nobody needs to ask for permission to launch an application on DLT-based systems, competition and thus the rate of innovation increases; DLT is more efficient at dealing with inherently decentralised systems; it's borderless, transnational and neutral; Once a DLT transaction has received a sufficient level of validation, the transaction can never be replaced or deleted; there are always options to exit a given system and with that the power of the users willing to stay and change the system from within increases; DLTs enable new market networks; oT & AI: DLT enables smart networks based on IoT and AI to develop their full potential without exposing humanity to the risk associated with centralised approaches; DLTs buy social scalability by spending a lot of resources and computational scalability, i.e. they sacrifice computational efficiency.
- Drawbacks of DLT:
*Highly inefficient database: DLT is a factor of up to 1 million times less efficient than a centralised database; Stricter and slower development: Changes, updates and patches to DLTs work on a voluntary basis; Creating the right incentive structures and making sure that all actors in the system cannot abuse or corrupt the ledger, is a big challenge; Writing into a centralised database needs to be done once, writing into a distributed ledger needs to be done as many times as there are nodes that carry a copy of the ledger; No control over misbehaving users: it is only the rules defined in the software that can refuse service.
You will need to read more for a comprehensive overview :)