GREENEUM NETWORK: HOW THE BLOCKCHAIN CAN AID THE AILING ENVIRONMENT
What is Blockchain?
A blockchain is a list of records, blocks, that are linked together using cryptography, with each block hosting a cryptographic hash of the previous block, a timestamp, and transaction data, all in a trustless manner. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. This technology can transform the individual efforts of companies into a concerted networked effort, while clearly pinpointing the contributions that individual actors make toward the societal goal of reducing the carbon footprint. The spirit of competition and carbon market-based incentives create a win-win situation for all.
An energy-intensive technology undermining climate change mitigation or a game changer for the governance of sustainability transitions?
Introduced in 2008 to serve as a public transaction ledger for Bitcoin, the technology has given rise to hundreds of cryptocurrencies with other emerging applications in diverse fields, including supply chains, digital content, patents, smart contracts, governance and e-voting.
Understanding the basics of blockchain technology is essential to assess its implications, which are potentially huge and transformative for society, the economy and the environment. In contrast to the traditional ledgers used by banks and governments for centuries, which are centralised and inaccessible, blockchain ledgers are decentralised and transparent. There is no central authority acting as the exclusive manager of the ledger, with sole responsibility for storage, updates and verification of transactions. On the contrary, all participants of the blockchain network hold a copy of the ledger, and transactions — although encrypted — are visible to all.Although participants may not know each other, such a decentralised ledger system is viable because it is made trustworthy and secure by design. Blockchain stores, shares and synchronises data as ‘chains of blocks’ using cryptographic techniques. Blocks represent recorded transactions, and each new block of transactions is linked to the previous ones, thus creating an ever growing chain (Nakamoto, 2008). The creation of each new block must be approved by all network participants. This is achieved thanks to a predefined ‘consensus mechanism’ that sets the rules for the verification, validation and addition of transactions to the ledger. The most common approach is ‘mining’, which relies on the ‘proof-of-work’ mechanism. To add a block of transactions to a blockchain, participants compete to find a solution to a difficult mathematical problem based on a cryptographic algorithm. When a ‘miner’ finds the solution, and after verification from other participants, the block is added to the blockchain. All copies of the ledger are updated, making the new changes permanent
THE GREENEUM NETWORK
The Greeneum Network leverages the blockchain and its own version of Artificial Intelligence and Machine Learning to accelerate the transition to
clean and green energy production and consumption creating new incentives for the network members. Through this network, it offers a transparent marketplace for producers, consumers, and investors. Greeneum Network includes SolarPET (Proof of Energy Transaction) for data verification, D-SaaS (Decentralized Software as a Service), an AI platform for microgrids and utilities, GREEN Tokens, GREEN Carbon Credits, and GREEN certificates.
Greeneum develops digital assets which are based on the green energy produced in the network. The GREEN tokens and certificates are used to make purchases in its customized marketplace. GREEN Carbon Credits can be sold in the open marketplace to buy GREEN Tokens or other cryptocurrencies. It also uses blockchain to decentralize the energy system while ensuring transparency, security, and efficiency. Transparency has always been the strength of blockchain, but security too plays an important role.
GREENUEM’s latest AI machine learning technology collects and validates the energy produced by producers in the network and allots them GREEN certificates, which can be exchanged for GREEN tokens. Since the process is automated, producers might worry about data security and privacy issues. More so because the various members in the Greeneum network can easily share and exchange information.
THE GREENEUM NETWORK RESOURCES
https://greeneum.net/
https://t.me/GreeneumNetwork/
https://www.greeneum.net/whitepaper
https://twitter.com/GreeneumNet
https://t.me/GreeneumNetworkChannel
https://www.greeneum.net/market-place
https://www.greeneum.net/green-certificates
