Moldova is a small, landlocked country in Eastern Europe that has witnessed a consistent rise in energy prices over the past five years, and imports three-quarters of its energy. However, that could soon change, as the United Nations Development Programme is trying to power a Moldovan university with a cryptocurrency funded solar energy, an innovative step on their part.
Over the past few years, cryptocurrencies have grown magnificently, and because of its versatility, people are looking at it as an alternative currency.
One of the most unique things about them is that they are decentralized, and not controlled by any government or bank. They work on a unique system called ‘Blockchain’ that facilitates transactions easily and accurately.
So far, it has been used mainly for business and monetary transactions, but now, with changing trends, it has alternative uses that not other existing monetary systems allow!
Here are three ways in which cryptocurrencies’ alternative uses are making the world a better place!
1. Going Green
Cryptocurrency can help people access solar-based energy and shift from carbon-based energy, which is a huge step towards sustainable development.
For example, thanks to a project called the Brooklyn Microgrid, people who already have their own solar panels are able to sell environmental credits to residents who don’t. And guess what, they can do that using a phone app!.
Environmentalist or not, everyone will be happy to hear that cryptocurrency can be used to make the world greener, too!
2. Making Travel Easier
With cryptocurrencies such as Bitcoin becoming more and more known and accepted by retailers worldwide, they have the potential to be used for basic transactions everywhere.
This may make travel easier as it eliminates the need to exchange currencies when people travel from country to country. It calls for a shift from traditional monetary systems to a more unified and widely acceptable cryptocurrency, facilitated by digital transactions!
Hence, your next international trip might be more simplified with the use of cryptocurrencies!
3. Accountability of institutions
Cryptocurrency can be used to encourage accountable business and governmental practices. The key lies in its technology itself- the blockchain. The blockchain is a digital ledger-like system that ensures and enables tracking of every transaction with complete transparency.
Surprisingly, it can also be used to battle ethical issues such as electoral frauds, and other frauds that involve money. All of this according to Santiago Siri, the founder of Democratic Earth, which is a non-profit that is designing an app to combine voting with blockchain.
Hence, cryptocurrency can help ensure fair elections and much more stable governments than before!
These are only a few ways in which cryptocurrency can change and impact the lives of millions and be a stepping stone towards a more sustainable environment.
The avenues of innovation widen as people are exposed to better technology and provided with adequate requirements that foster growth and development.
“Saving our planet, lifting people out of poverty, advancing economic growth… these are one and the same fight.
We must connect the dots between climate change, water scarcity, energy shortages, global health, food security and women’s empowerment. Solutions to one problem must be solutions for all”
– Ban Ki-moon, former Secretary-General, UN
Do you also know other technologies which are changing the world for the better? Let us know in the comments!
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Malawika is a Mass Communication student from Delhi. She is an astrophile, passionate about Stephen Hawking and Carl Sagan, and loves to listen to the Arctic Monkeys, her favorite band. Find her at her happiest while exploring new cities and justifying her love for the color orange!