Blockchain's Potential Beyond Finance: From Sustainable Energy To Humanitarian Aid

Experts have stressed the critical role of education in understanding and leveraging blockchain technology for various global challenges, stressing its importance from creating sustainable energy solutions to providing humanitarian aid.

Speaking at Benzinga's Future of Digital Assets conference, Soheil Saraji from the University of Wyoming and Tori Samples from the Stellar Development Foundation shared their insights on the transformative role of blockchain technology in various sectors beyond its financial applications.

The conversation revealed the diverse potential of blockchain in addressing global issues, ranging from social impact to environmental sustainability.

Saraji, an associate professor of Energy in Petroleum Engineering, detailed his work at the intersection of blockchain, energy, and sustainability.

His focus is on how blockchain can play a pivotal role in creating a more sustainable energy sector, particularly through the transparency and traceability it offers.

Saraji explained, "At some point, I wrote this white paper on how carbon credit markets could work on blockchain," illustrating his vision for a blockchain-driven energy sector that is more accountable and environmentally friendly.

Samples, leading the product development for bulk payments and humanitarian use cases at the Stellar Development Foundation, discussed the organization's efforts in leveraging blockchain for social good.

She highlighted Stellar's work in enabling organizations like the UNHCR to send cash to refugees across the world through blockchain technology.

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"Our goal is to build products and tools that help people solve problems in their context," Samples stated, emphasizing the foundation's commitment to addressing real-world challenges through innovative blockchain applications.

The panel also touched on the importance of educating the public about blockchain technology. Both speakers agreed that separating the concepts of cryptocurrency from blockchain is crucial in making the technology more palatable and understandable to a wider audience.

Saraji stressed the importance of education in the field, especially from an academic standpoint, to cultivate future engineers and stakeholders who are well-versed in blockchain applications.

Samples also highlighted the challenges and opportunities in the blockchain space, particularly in making the technology accessible and relevant to various global contexts.

She pointed out the need for clear and consistent regulation in the blockchain industry, advocating for tools that are adaptable and equitable for global financial systems.

The discussion underlined blockchain's potential in addressing significant global issues like climate change and displacement.

Samples emphasized the need to ensure that blockchain platforms themselves do not contribute to environmental problems, citing Stellar's efficiency and low carbon footprint.

The panel underscored the vast potential of blockchain technology in creating solutions for challenges that traditional systems have struggled to address. 

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Photo Pratya Jankong