A Discussion On The Effects Of Blockchain Technology Within The Context Of Sustainable Development

Abstract

The solutions made possible by blockchain technology, and crypto assets, are changing the dynamics of many industries. Blockchain technology, which is the subject of discussion with the constructive destruction and energy consumption it triggers, offers a global and inclusive vision that serves sustainability. In this article, a discussion is presented on the effects of blockchain technology, on the environment, economy and society, which are the three main areas of sustainable development. It can be said that blockchain technology has positive and negative effects on these three main areas. Providing the opportunity to create collective value and support social impact projects with a focus on sustainable society, this technology also enables the democratic management of data. Blockchain technology, which allows the development of new business models with a focus on sustainable economy, has the potential to increase financial inclusion. While blockchains working with proof-of-work method have the potential to harm the environment with high energy consumption, blockchains working with different methods can reduce energy consumption. At the same time, studies that will increase the use of renewable energy resources in mining continue, and it is foreseen that the negative effects of this technology on the sustainable environment can be eliminated.