Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin
<p dir="ltr">The art industry has commercialised and popularised non-fungible tokens (NFTs), with the volume and value of NFT transactions rapidly growing to US$ 10.7 billion in Q3 2021. The increase in NFT transactions has drawn the attention of the art market to the consequent carb...
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| منشور في: |
2022
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إضافة وسم
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| _version_ | 1864513554094227456 |
|---|---|
| author | Jon Truby (14153022) |
| author2 | Rafael Dean Brown (17128876) Andrew Dahdal (17128879) Imad Ibrahim (1535584) |
| author2_role | author author author |
| author_facet | Jon Truby (14153022) Rafael Dean Brown (17128876) Andrew Dahdal (17128879) Imad Ibrahim (1535584) |
| author_role | author |
| dc.creator.none.fl_str_mv | Jon Truby (14153022) Rafael Dean Brown (17128876) Andrew Dahdal (17128879) Imad Ibrahim (1535584) |
| dc.date.none.fl_str_mv | 2022-06-01T00:00:00Z |
| dc.identifier.none.fl_str_mv | 10.1016/j.erss.2022.102499 |
| dc.relation.none.fl_str_mv | https://figshare.com/articles/journal_contribution/Blockchain_climate_damage_and_death_Policy_interventions_to_reduce_the_carbon_emissions_mortality_and_net-zero_implications_of_non-fungible_tokens_and_Bitcoin/24288031 |
| dc.rights.none.fl_str_mv | CC BY 4.0 info:eu-repo/semantics/openAccess |
| dc.subject.none.fl_str_mv | Environmental sciences Environmental management Pollution and contamination Information and computing sciences Data management and data science Distributed computing and systems software Non-fungible token NFTs Carbon emissions Blockchain energy consumption Bitcoin Ethereum Sustainable development goals Centre for Law & Development |
| dc.title.none.fl_str_mv | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| dc.type.none.fl_str_mv | Text Journal contribution info:eu-repo/semantics/publishedVersion text contribution to journal |
| description | <p dir="ltr">The art industry has commercialised and popularised non-fungible tokens (NFTs), with the volume and value of NFT transactions rapidly growing to US$ 10.7 billion in Q3 2021. The increase in NFT transactions has drawn the attention of the art market to the consequent carbon emissions resulting from verifying transactions in proof-of-work blockchains supporting NFT transactions. With CO<sub>2</sub>-related deaths attributable to NFT transactions, social pressure from the art market has helped to progress the switch away from the deliberately polluting proof-of-work blockchains to more sustainable consensus protocols.</p><p dir="ltr">Nonetheless, many popular types of blockchain have resisted the pressure to decrease their environmental impact, including Bitcoin, whose attributed 2021 annual emissions will produce emissions responsible for around 19,000 future deaths. In response, recent global policy interventions have employed legal and fiscal tools to reduce the carbon impact of some or all types of blockchains. Linking the damage caused by proof-of-work blockchains to climate change and human mortality, this study examines the recent policy interventions designed to motivate a shift in blockchain consensus protocols and promote miners' energy efficiency to mitigate environmental damage. This article further explores available policy intervention options that are currently not utilised.</p><h2>Other Information</h2><p dir="ltr">Published in: Energy Research & Social Science<br>License: <a href="http://creativecommons.org/licenses/by/4.0/" target="_blank">http://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.1016/j.erss.2022.102499" target="_blank">https://dx.doi.org/10.1016/j.erss.2022.102499</a></p> |
| eu_rights_str_mv | openAccess |
| id | Manara2_1e2a33ed43e2c5d783efc65ee7be7510 |
| identifier_str_mv | 10.1016/j.erss.2022.102499 |
| network_acronym_str | Manara2 |
| network_name_str | Manara2 |
| oai_identifier_str | oai:figshare.com:article/24288031 |
| publishDate | 2022 |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| rights_invalid_str_mv | CC BY 4.0 |
| spelling | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and BitcoinJon Truby (14153022)Rafael Dean Brown (17128876)Andrew Dahdal (17128879)Imad Ibrahim (1535584)Environmental sciencesEnvironmental managementPollution and contaminationInformation and computing sciencesData management and data scienceDistributed computing and systems softwareNon-fungible tokenNFTsCarbon emissionsBlockchain energy consumptionBitcoinEthereumSustainable development goalsCentre for Law & Development<p dir="ltr">The art industry has commercialised and popularised non-fungible tokens (NFTs), with the volume and value of NFT transactions rapidly growing to US$ 10.7 billion in Q3 2021. The increase in NFT transactions has drawn the attention of the art market to the consequent carbon emissions resulting from verifying transactions in proof-of-work blockchains supporting NFT transactions. With CO<sub>2</sub>-related deaths attributable to NFT transactions, social pressure from the art market has helped to progress the switch away from the deliberately polluting proof-of-work blockchains to more sustainable consensus protocols.</p><p dir="ltr">Nonetheless, many popular types of blockchain have resisted the pressure to decrease their environmental impact, including Bitcoin, whose attributed 2021 annual emissions will produce emissions responsible for around 19,000 future deaths. In response, recent global policy interventions have employed legal and fiscal tools to reduce the carbon impact of some or all types of blockchains. Linking the damage caused by proof-of-work blockchains to climate change and human mortality, this study examines the recent policy interventions designed to motivate a shift in blockchain consensus protocols and promote miners' energy efficiency to mitigate environmental damage. This article further explores available policy intervention options that are currently not utilised.</p><h2>Other Information</h2><p dir="ltr">Published in: Energy Research & Social Science<br>License: <a href="http://creativecommons.org/licenses/by/4.0/" target="_blank">http://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.1016/j.erss.2022.102499" target="_blank">https://dx.doi.org/10.1016/j.erss.2022.102499</a></p>2022-06-01T00:00:00ZTextJournal contributioninfo:eu-repo/semantics/publishedVersiontextcontribution to journal10.1016/j.erss.2022.102499https://figshare.com/articles/journal_contribution/Blockchain_climate_damage_and_death_Policy_interventions_to_reduce_the_carbon_emissions_mortality_and_net-zero_implications_of_non-fungible_tokens_and_Bitcoin/24288031CC BY 4.0info:eu-repo/semantics/openAccessoai:figshare.com:article/242880312022-06-01T00:00:00Z |
| spellingShingle | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin Jon Truby (14153022) Environmental sciences Environmental management Pollution and contamination Information and computing sciences Data management and data science Distributed computing and systems software Non-fungible token NFTs Carbon emissions Blockchain energy consumption Bitcoin Ethereum Sustainable development goals Centre for Law & Development |
| status_str | publishedVersion |
| title | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| title_full | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| title_fullStr | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| title_full_unstemmed | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| title_short | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| title_sort | Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin |
| topic | Environmental sciences Environmental management Pollution and contamination Information and computing sciences Data management and data science Distributed computing and systems software Non-fungible token NFTs Carbon emissions Blockchain energy consumption Bitcoin Ethereum Sustainable development goals Centre for Law & Development |