In recent times, there has been a greater overlap between the world of cryptocurrency and the world of social justice. This includes cryptocurrency being donated by people around the world to combat natural disasters and provide relief for victims to blockchain being used to track donations for various causes. As with any industry that is financially successful, there is a certain social responsibility that the blockchain and cryptocurrency sector has and this not only fulfills this responsibility but also puts it in the good books of the public as time goes on.
Justin Sun, the CEO of Tron, recently came out to explain his $1 million donation that he pledged to climate change activist Greta Thunberg back in 2019.
On December 17, 2019, Sun stated on Twitter that he would be donating $1 million to Greta Thunberg’s climate change campaign and believes that blockchain settlements would help in reducing the world’s carbon footprint. While a generous donation, some were confused as to how blockchain would help in reducing the world’s carbon footprint over time and this is what Sun has come out to clarify.
His rationale is that blockchain settlements make use of computers and run on virtual clouds and as such, reduce the need for paper documentation, which in turn reduces the world’s carbon footprint.
“Decentralized settlement and decentralized finance are completely run by computers on cloud computing systems, thus eliminating the need for ledger documentation and management records kept on paper,” he said, adding that the systems also do not require people to move from one place to another in order to transport them and the reduced use of vehicles which run on fuel also helps to reduce carbon footprint.
Besides the benefits to the world’s carbon footprint, Sun also noted that these systems are readily available everywhere which gives them another layer of benefit.
“Decentralized finance systems are available to everyone in the world! Bank the unbanked. Today, the traditional finance system is limited, expensive and not cost effective. Enormous resources and steps are required just to open an account. Imagine having to serve a heavily populated country and all the wastage that ensues. I truly believe blockchain must be in our future if we want to eliminate wastage and make a difference,” he said.