Infographic: How the Blockchain is Powering Our Future
The future is bright, and it’s driven by the blockchain.
Blockchain technology is already turning the financial industry upside down through its disruptive applications, but finance is only the tip of the iceberg. The blockchain’s true scope is in its ability to change the way you do things every day – like voting, travelling, or going to the doctor.
The Future of Blockchain
Today’s infographic comes to us from HIVE Blockchain Technologies, and it gives us a glimpse into the potential of blockchain technology beyond the world of finance.
While the blockchain is primarily associated with cryptocurrencies and the financial industry, the true potential of blockchain technology is much broader.
Innovative startups are already finding ways to leverage blockchain technology to give facelifts to nearly every industry imaginable, changing traditional practices to make way for new, disruptive business models.
It’s difficult to imagine an area of life that won’t lend itself to a blockchain-fueled upgrade.
In its current form, the blockchain works something like this:
- Party A wants to transact with Party B
- This transaction is recorded on the blockchain as a block of encrypted data
- This block is then broadcast to every participant in the blockchain network. The block itself is visible to all, but sensitive information is encrypted to protect the privacy of both parties
- Each participant on the blockchain checks the validity of the block, confirming that everyone has the same version of encrypted information to eliminate the possibility of tampering
- Once verified, the block is added to the chain. Once added, it can’t be moved, changed, or tampered with
- Now that the transaction has been verified, it proceeds as planned
Currently this technology is primarily used for financial transactions, but it can also be used to exchange information, contracts, and official records.
The Blockchain’s Limitless Potential
The unique design of the blockchain makes it ideal for situations requiring:
Transactions are virtually tamper-proof. Because each participant on the network checks each block for consistency, trying to hack the blockchain would be like trying to sneak through a single door guarded by a hundred dogs. It can’t be done.
Each block is visible to every member of the network, ensuring trust between parties.
Because a blockchain has no borders, it allows for secure collaboration between parties sharing any kind of transaction.
As a result of these traits, the blockchain has limitless potential in all kinds of applications.
Future Blockchain Uses
Here are just some examples of future blockchain uses.
The blockchain can be used in business and government to increase transparency between parties, reduce corruption, and streamline bureaucracy. Transactions are tamper-proof and open to the public eye, allowing everything from rental agreements to national elections to be made fair and equitable.
The blockchain has the potential to improve medical access and efficiency. By allowing patient records to be shared securely between healthcare providers, doctors can bring all that information together to improve their diagnoses and develop more holistic treatment plans for individual patients.
With the wealth of patient data collated on the network, blockchain technology can help to advance more sophisticated medical research, potentially curing diseases or providing insights for more effective treatments.
Identity theft could also become a thing of the past with blockchain and biometrics. All of your personal identity information – even your passport, educational records, and driving licence – can be securely stored on the blockchain. Because your data is linked to biometrics unique to you and impossible to forge, the information is safe from fraud.
But these are just some examples – and the blockchain will impact nearly every facet of our lives, allowing service providers collaborate with one another to give you unique, personalized service, when you need it.
The Carbon Emissions of Gold Mining
Gold has a long history as a precious metal, but just how many carbon emissions does mining it contribute to?
The Carbon Emissions of Gold Mining
As companies progress towards net-zero goals, decarbonizing all sectors, including mining, has become a vital need.
Gold has a long history as a valuable metal due to its rarity, durability, and universal acceptance as a store of value. However, traditional gold mining is a process that is taxing on the environment and a major contributor to the increasing carbon emissions in our atmosphere.
The above infographic from our sponsor Nature’s Vault provides an overview of the global carbon footprint of gold mining.
The Price of Gold
To understand more about the carbon emissions that gold mining contributes to, we need to understand the different scopes that all emissions fall under.
In the mining industry, these are divided into three scopes.
- Scope 1: These include direct emissions from operations.
- Scope 2: These are indirect emissions from power generation.
- Scope 3: These cover all other indirect emissions.
With this in mind, let’s break down annual emissions in CO2e tonnes using data from the World Gold Council as of 2019. Note that total emissions are rounded to the nearest 1,000.
|1||Mining, milling, concentrating and smelting||45,490,000|
|3||Suppliers, goods, and services||25,118,000|
Total annual emissions reach around 126,359,000 CO2e tonnes. To put this in perspective, that means that one year’s worth of gold mining is equivalent to burning nearly 300 million barrels of oil.
Gold in Nature’s Vault
A significant portion of gold’s downstream use is either for private investment or placed in banks. In other words, a large amount of gold is mined, milled, smelted, and transported only to be locked away again in a vault.
Nature’s Vault is decarbonizing the gold mining sector for both gold and impact investors by eliminating the most emission-intensive part of the mining process—mining itself.
By creating digital assets like the NaturesGold Token and the Pistol Lake NFT that monetize the preservation of gold in the ground, emissions and the environmental damage associated with gold mining are avoided.
How Does it Work?
Through the same forms of validation used in traditional mining by Canada’s National Instrument NI 43-101 and Australia’s Joint Ore Reserve Committee (JORC), Nature’s Vault first determines that there is gold in an ore body.
Then, using blockchain and asset fractionalization, the mineral rights and quantified in-ground gold associated with these mineral rights are tokenized.
This way, gold for investment can still be used without the emission-intensive process that goes into mining it. Therefore, these digital assets are an environmentally-friendly alternative to traditional gold investments.
Click here to learn more about gold in Nature’s Vault.
You may also like
Visual Capitalist11 months ago
The Evolution of Media: Visualizing a Data-Driven Future
Media and information delivery is transforming at an increasing pace. Here’s why the future will be more data-driven, transparent, and verifiable.
Cryptocurrency1 year ago
A Visual Guide to Profile Picture NFTs
Feeling bored on social media? Consider investing in profile picture NFTs, one of the most popular digital assets being traded today.
Cryptocurrency2 years ago
Visualizing the Power Consumption of Bitcoin Mining
Bitcoin mining requires significant amounts of energy, but what does this consumption look like when compared to countries and companies?
Blockchain4 years ago
Mapping the Most Important Ethereum Forks
Ethereum is the world’s second biggest cryptocurrency by market cap. This graphic maps the major forks that have defined Ethereum’s growth to date.
Blockchain4 years ago
Exploring the Practical Applications of Blockchain Technology
Blockchain technology is no longer a fringe innovation. Here’s how it is being used in increasingly practical ways, from elections to entertainment.
Cryptocurrency4 years ago
Mapping the Major Bitcoin Forks
Bitcoin forks play a key role in Bitcoin’s evolution as a blockchain. While some have sparked controversy, most Bitcoin forks have been a sign of growth.
Wealth3 weeks ago
Ranked: The World’s Top 50 Endowment Funds
Green1 day ago
Ranked: The 20 Most Air-Polluted Cities on Earth
United States3 weeks ago
Charting the Rise of America’s Debt Ceiling
Money4 weeks ago
Comparing the Speed of Interest Rate Hikes (1988-2023)
Misc3 weeks ago
Ranked: The Cities with the Most Skyscrapers in 2023
War4 weeks ago
Map Explainer: Sudan
Urbanization2 weeks ago
Ranked: The World’s Biggest Steel Producers, by Country
Travel4 weeks ago
Visualized: The World’s Busiest Airports, by Passenger Count