PwC tackles blockchain’s carbon footprint
Source: https://www.cfodive.com/news/pwc-tackles-blockchains-carbon-footprint/639025/
Author: Suman BhattacharyyaContributor
The sizable energy and computing power needed to process transactions on blockchain, the distributed ledger technology that underpins cryptocurrencies and other business use cases like supply-chain management, has come under scrutiny in recent years. The foundation used the PwC-developed framework to establish a carbon dioxide removal commitment that will help eliminate their network’s historical carbon footprint going back to 2015. “The current climate in crypto, tech, finance and ESG makes this tool more relevant,” said Scott Likens, trust technology leader at PwC. “As cost-cutting measures are starting in the new year, companies still have to meet announced carbon reduction targets,” he said, noting that PwC’s toolkit can help companies measure, assess and reduce carbon emissions without costly assessments. Minimizing energy usage was one of the core objectives behind the Ethereum blockchain’s so-called “merge” in September from a ‘proof-of-work’ consensus mechanism to a more energy efficient ‘proof-of-stake’ system.