Blockchain ledgers are required to be integrated with artificial intelligence and the internet of things (IoT) in order to make accurate forecasts. according Raj Chowdhury, CEO of HashCash Consultants
Chowdhury stated that:
“Widespread proliferation of IoT sensors has successfully established its uses across the weather departments, while AI/ML is being used for forecasting. The last remaining thing is establishing “trust” in the data’s accuracy- which is something blockchain excels at with consensus protocols, immutability, and transparency.”
Blockchain technology can be used to collect weather-related parameters like temperature, wind direction and humidity. This is because weather departments gather a lot data for forecasting. This information is useful for logistic shipping companies and agricultural businesses.
Additionally, real-time transaction visibility can be provided by a decentralized blockchain ledger. Chowdhury also added:
“Reliable information has always been critical to success. Although digital transformation is revolutionizing the way we acquire data in many ways, validation is still essential. This is exactly why all top organizations in the world are already using blockchain.”
The World Economic Forum (meanwhile)WEFThe Crypto Sustainability Coalition was established by ) to examine the potential of Web3 or blockchain in combating climate change. Blockchain.News reported.
The WEF stated that blockchain tools would promote transparency in the global carbon credits market, while crypto mining would trigger renewable microgrids via off-peak demand. decentralization.
Chainlink Labs’ and Tecnalia’s reports on the other side of the coin Not noted Blockchain technology can be used to combat climate change through smart contracts. Blockchain technology was therefore expected to be a stepping stone to address economic complexities and interoperability in transit to renewable energy.