From banking to supply chains, it is revolutionizing many aspects across businesses and industries of all sizes. The cryptocurrency market, which was worth just $1 billion nearly a decade ago, has now exploded into a massive $2 trillion industry and what started with the Bitcoin blockchain has evolved. into a full-fledged crypto ecosystem with over 18,000 different projects.
Blockchain solutions emerged to solve real-world problems. And one of the critical problems they solve is the preservation of natural capital by avoiding gold mining. Gold mining is known to be one of the most harmful industries in the world. It displaces people, contaminates drinking water, harms workers and damages natural habitats.
Overall, gold mining has had such a negative influence that it now jeopardizes people’s health and ecosystems globally.
The devastating effects of gold mining on the environment
Gold has been the most valuable component of jewelry and a favored mode of exchange for centuries. However, extracting a single ounce of gold from ore can yield approximately 20 tons of solid waste. Most gold mining methods involve moving huge amounts of soil and rock, which harms the biodiversity of the area. Daily mining activity can devastate wetlands and waterways.
Similarly, the use of massive mining equipment running on fossil fuels results in immense greenhouse gas emissions. Mine accidents and leaks pose an even greater risk to nearby land and water resources.
In addition, the mercury used in artisanal gold mining activities and on a small scale can, unfortunately, end up in the air and pollute nearby air and water. Even using sodium cyanide to extract gold from ore without proper containment can damage air and water.
Acid mine drainage has also been a problem with the rise of gold mining. Chemical reactions between sulphides and surface elements lead to the release of sulfuric acid into the environment. And this chemical reaction can enter a feedback loop and continue for hundreds of years. Other metals such as cadmium, arsenic, lead and iron have polluted rivers and streams, devastating lives.
However, viable alternatives are emerging, and blockchain technology makes it possible.
Going green with blockchain solutions
Blockchain technology and its features such as cryptocurrencies and tokenization of real-world assets can solve the long-standing problem of gold mining. It achieves this by allowing thea gold preservation tokenization and letting users invest in preserving real gold in the ground. Thus, the benefits of gold can be reaped without having to mine more gold.
Although this concept seems too good to be true, a project could make it a reality. Nature’s Vault uses blockchain technology to symbolize the preservation of gold. It unlocks the value of mineral assets buried in the ground without the negative environmental consequences of mining. With its $LEGACY token, which is tied to NaturesGold, it allows people to invest in gold preservation.
It is, in fact, one of the first projects to introduce a new concept known as Preserve-to-Earn. The platform allows users to stake and win using $LEGACY tokens, with each token backed by at least 0.01 grams of NaturesGold. The best part is that real gold is quantifiably preserved underground as investors continue to profit from $LEGACY tokens. And Nature’s Vault is committed to acquiring rights to, and preserving, much more unmined gold from the proceeds of $LEGACY token sales.
Have a positive impact on the environment
Natural capital is decreasing year by year, and the environmental consequences of mining contribute to this. The devastation of the Amazon rainforest – a biologically rich environment that acts as a brake on global warming – is intensifying due to the gold mining boom. It is high time that governments and citizens take action in this regard by preserving nature reserves.
However, there seems to be light at the end of the tunnel now that blockchain has emerged. It has the potential to have a huge positive impact on the environment. Additionally, with projects like Nature’s Vault, which introduce sustainable alternatives in gold mining, things will certainly change. The future indeed belongs to people who care about the planet and embrace a new way of investing in metals and other natural resources.
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