Major industries worldwide are being transformed through blockchain and cryptocurrency. Blockchain and crypto revolutionize many areas across all industries. Although the crypto market was worth only $1 billion a decade ago it has grown to a $2 trillion sector. What started with Bitcoin’s blockchain has become a fully-fledged ecosystem that includes over 18000 projects.
To solve real world problems, blockchain solutions were created. They are solving a critical problem: preserving Natural Capital through avoiding the mining of gold. Gold mining is known for being among the world’s most harmful industries. This industry causes displacement, pollutes water supplies, damages natural habitats, and harms workers.
As a whole, gold mining has had such a negative influence that it is now jeopardizing people’s health and ecosystems globally.
Gold Mining’s Devastating Environmental Effects
For centuries, gold was the most prized component in jewelry. It has also been a favorite mode of exchanging currency. One ounce of pure gold can result in 20 tons of solid waste. The majority of gold mining techniques involve the movement of large amounts dirt and rocks, which can be harmful for the local biodiversity. A mine’s daily activity can devastate wetlands and waterways.
Similar to the mining operations of huge fossil fuel-powered equipment, they also produce enormous greenhouse gases. Leakages and mishaps in mines pose a greater risk to water and land resources nearby.
The mercury from small-scale, artisanal mining of gold can pollute nearby water and air. Water and air can be affected by even the use of sodium cyanide for extracting gold from ore.
The rise in gold mining has led to acid mine drainage. Sulfuric acid is released into the atmosphere through chemical reactions between surface elements and sulfides. This chemical reaction may continue on for many years in a loop. Rivers and streams are also polluted with other metals, such as arsenic and lead. This has caused many deaths.
There are alternatives, however, which can be viable, and Blockchain technology is helping that to happen.
Blockchain Solutions: Going green
The long-standing problem of gold mining can be solved by blockchain technology, which includes features such as cryptocurrencies and tokenization. By allowing tokenization for gold preservation, users can invest in actual gold that is still in the ground. The benefits of gold can be enjoyed without the need to mine any further.
Although this sounds too great to be true it may actually be possible with one project. Nature’s Vault uses blockchain technology to tokenize the preservation of gold. This technology unlocks the potential value of in-ground minerals assets, without the adverse environmental effects of mining. The $LEGACY token is tied to the tokenized NaturesGold and allows users to make investments in conserving gold.
This is the very first project to use Preserve to Earnn, a brand new concept. Users can stake on the platform and make money using $LEGACY tokens. Each token comes with 0.01g of NaturesGold backing it.TM. The best thing about this is that actual gold can be quantifiably kept underground, and investors still enjoy $LEGACY tokens. And Nature’s Vault commits to acquiring rights over, and preserving significantly more unmined gold, from the proceeds of $LEGACY Token sales.
Positive Environmental Impact
The environmental effects of mining and natural capital are causing a decline in Natural Capital. The devastation of the Amazon rainforest—a biologically rich environment that functions as a check on global warming—is intensifying due to a gold mining boom. And it’s high time for governments and citizens to take action on this by preserving natural reserves.
With the advent of blockchain, however, it seems like there is light at end of the tunnel. This technology has enormous potential to make a huge positive difference in the world’s environment. Moreover, with projects like Nature’s Vault introducing sustainable alternatives to gold mining, things are certainly set to change. Future success lies in caring for the earth and finding a way to make investments in metals and natural resources.