Can Bitcoin be used to Manage Environmental Data and control emissions?
- May 09, 2022 / Technology
A little known version of the Bitcoin protocol, that is both the green and follows the principles from the Bitcoin Whitepaper to the letter, has recently been adopted by IBM to help manage the integrity of its Cybersecurity logging.
Bitcoin SV offers unbounded scale-ability to time-stamp and certify the existence and provenance of all sorts of digital data, with Turing Complete smart contract on top to allow for multi-party permissions and approval. In contrast to many other similar solutions, transactions, via Simplified Payment Verification, are instantaneous and cost a mere fraction of a penny. It offers organisations the ability to publish and certify their environmental credentials with unprecedented authenticity in a way that regulators, operators and all stakeholders can inherently trust.
Organisations can prove the provenance of all data in the value chain of production of all goods and services by hashing (creating a unique digital signature with a irreversible algorithm) documentation and data and transacting that hash to the Bitcoin SV block chain to be timestamped and stored immutably. The record of this history of transactions, matched to the publicly recorded hashes on the BitcoinSV block chain, becomes a ‘Proof of Existence’ and a ‘Proof of Provenance’ of the data and documentation associated with environmental emissions that cannot be changed or reversed. This can conceivably be done with any operations and production process data in real time, giving an unprecedented level of trust for all data associated with produced water, venting and flaring.
For organisations that wish go beyond just compliance and step into the future to prove the provenance of their environmental and emissions data to all stakeholders with unprecedented levels of authenticity, Bitcoin SV offers a proven, enterprise-grade solution of unbounded scale-ability.
If you wish to know more about this intriguing use of Bitcoin, contact Patrick Mockridge.
See Satoshi Nakamoto’s Bitcoin Whitepaper: