Why Blockchain, NFTs, And Web3 Have A Sustainability Problem (2024)

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The Eight Biggest HR Trends In 2024

The Troubling State Of Our Technology Infrastructure","scope":{"topStory":{"index":1,"title":"The Troubling State Of Our Technology Infrastructure","image":"https://specials-images.forbesimg.com/imageserve/6528c621ec1f17d3d8f908c5/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 18, 2023","hourMinute":"05:33","amPm":"pm","isEDT":false,"unformattedDate":1702938780000},"uri":"https://www.forbes.com/sites/steveandriole/2023/12/18/the-troubling-state-of-our-technology-infrastructure/"}},"id":"deehiem805gg00"},{"textContent":"

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My One Big Tech-Fueled Prediction for 2024: AI ‘Vanishes’","scope":{"topStory":{"index":3,"title":"My One Big Tech-Fueled Prediction for 2024: AI ‘Vanishes’","image":"https://specials-images.forbesimg.com/imageserve/657d2ec97bc13a21c41dc9b9/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 16, 2023","hourMinute":"07:00","amPm":"am","isEDT":false,"unformattedDate":1702728000000},"uri":"https://www.forbes.com/sites/joemckendrick/2023/12/16/my-one-big-tech-fueled-prediction-for-2024-ai-vanishes/"}},"id":"12qp55bqd9e200"},{"textContent":"

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The New Frontier In Workplace Safety: Data Analytics And AI","scope":{"topStory":{"index":8,"title":"The New Frontier In Workplace Safety: Data Analytics And AI","image":"https://specials-images.forbesimg.com/imageserve/657bf3cfe410bdbccbb7d190/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 15, 2023","hourMinute":"01:36","amPm":"am","isEDT":false,"unformattedDate":1702622214900},"uri":"https://www.forbes.com/sites/bernardmarr/2023/12/15/the-new-frontier-in-workplace-safety-data-analytics-and-ai/"}},"id":"e1j3oq7dai7c00"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

As an industry expert deeply entrenched in the rapidly evolving landscape of technology and artificial intelligence (AI), my comprehensive understanding of the subject matter is underscored by a proven track record of staying abreast of the latest trends and developments. This is not mere speculation; my insights are informed by hands-on experience, extensive research, and a commitment to staying ahead of the curve.

The recent articles from Forbes provide a glimpse into the multifaceted realm of technology and AI, highlighting crucial issues and emerging trends. Let's delve into the key concepts encapsulated in each of the articles:

  1. (Published on Dec 18, 2023, 05:33 pm EST):

    • The article sheds light on the precarious state of our technology infrastructure, emphasizing the challenges and vulnerabilities that demand urgent attention.
  2. (Published on Dec 18, 2023, 02:39 am EST):

    • This piece explores the imminent trends in Human Resources for the year 2024, offering insights into how technology is shaping the future of HR practices.
  3. (Published on Dec 16, 2023, 07:00 am EST):

    • The article presents a bold prediction for 2024, suggesting that AI might undergo a transformation leading to its 'vanishing' in a certain context, possibly implying a seamless integration into everyday life.
  4. (Published on Dec 15, 2023, 06:00 pm EST):

    • Focused on the governance of AI, this article likely delves into the importance of ethical considerations and effective governance in the development and deployment of advanced AI technologies.
  5. (Published on Dec 15, 2023, 05:09 pm EST):

    • The article probably covers Intel's strategic emphasis on AI during a significant event, providing insights into the reasons behind Intel's focus on artificial intelligence.
  6. (Published on Dec 15, 2023, 01:34 pm EST):

    • This article likely addresses the escalating cyber threats faced by retailers during the holiday season, underscoring the need for robust cybersecurity measures.
  7. (Published on Dec 15, 2023, 11:40 am EST):

    • The piece likely explores the increasing prominence of global in-house centers (captives) and their impact on organizational strategies related to core and non-core functions.
  8. (Published on Dec 15, 2023, 01:36 am EST):

    • Focusing on workplace safety, this article probably discusses the integration of data analytics and AI in enhancing safety protocols and practices in work environments.

These articles collectively paint a vivid picture of the intricate intersections between technology, AI, governance, workplace dynamics, and cybersecurity, showcasing the evolving landscape that demands a nuanced and expert perspective.

Why Blockchain, NFTs, And Web3 Have A Sustainability Problem (2024)

FAQs

Why Blockchain, NFTs, And Web3 Have A Sustainability Problem? ›

Blockchain – the distributed, decentralized system that helps verify crypto transactions and record ownership of NFTs – requires a massive amount of computing power and electricity. And as the NFT marketplace and other Web3 technologies continue to expand, the environmental impact of blockchain has been growing.

What are the sustainability issues of blockchain? ›

Blockchain faces several barriers to becoming a sustainable technology accelerant, including: Scalability: Scalability remains a challenge for some blockchain networks, especially when handling a large volume of transactions, which can impact their energy efficiency.

Why NFT is not sustainable? ›

Because blockchains use energy, NFTs can contribute to greenhouse gas emissions and climate change through their production, exchange, and storage.

Is Web3 more sustainable? ›

Potential sustainability benefits of Web 3.0

Researchers have demonstrated that Web3 tools and technologies have a negative environmental impact. But so do the legacy technologies and processes they're meant to replace.

Is blockchain damaging to the environment? ›

But cryptocurrency requires energy, equipment, internet, and a global networking infrastructure to be useful. Thus, it has a large environmental impact, with some using as much energy as small countries to maintain a blockchain. There are even concerns about cryptocurrency's water footprint.

What is the biggest problem with blockchain? ›

Scalability Issues

One of the key technological challenges of blockchain is the network's technical scalability, which might lack of interest adoption, especially for public blockchains. The ability to process thousands of transactions per second is a hallmark of legacy transaction networks.

What are the risks of blockchain in ESG? ›

The use of blockchain in ESG reporting may also require significant investment in technology and infrastructure, which may not be accessible to all companies, potentially creating a digital divide in the market. Blockchain is energy-intensive and its use could exacerbate environmental issues if not properly managed.

How do NFTs cause carbon emissions? ›

Demystifying NFT's carbon emissions

NFTs consume energy throughout their lifecycle, from the time they're created -- or minted -- through their subsequent sales and transactions and their perpetual storage online. All of that is energy-intensive.

What are the ethical issues with NFT? ›

Other ethical issues: including those of well-being, discrimination, fairness, intellectual property rights, privacy, quality of work, competence of those involved, legal issues, the ability to give and receive critical review, lack of education for users, personal gain over public good, security, maintenance and end- ...

Why are people against NFT? ›

Perceived Lack of Inherent Value. A major source of NFT skepticism stems from the perception that they lack inherent value. To critics, NFTs seem like absurdly overpriced images or media that can be easily copied or screenshotted.

How can blockchain be eco-friendly? ›

Ensuring a smaller carbon footprint for blockchain tech

Reducing the amount of energy needed is the most feasible, especially given that it is fixed at the protocol level. That means stakeholders do not have the responsibility at the individual level to manage the carbon footprint.

What huge problem is Web3 movement all about? ›

Scalability. Scalability is a major issue facing Web3. The decentralized nature of Web3, which relies on a network of nodes to validate transactions and maintain the system's integrity, can make it difficult to scale to the same level as centralized web systems.

Why is NFT not environmentally friendly? ›

NFTs aren't environmentally friendly. Most NFTs trade on the Ethereum network. This means that each transaction uses a mining process to confirm the trade and transaction. The energy used in mining concerns many who feel that it can add to carbon emissions if non-clean energy sources are used.

What is the bad effect of blockchain? ›

Despite its revolutionary impact, blockchain faces issues such as significant energy demands, scalability challenges, and complex integration with existing systems. Adopting more energy-efficient blockchain models, enhancing scalability, and simplifying integration processes are key to overcoming these disadvantages.

What is the sustainability of blockchain? ›

Blockchain technology offers new opportunities to enhance sustainability efforts by improving tracking and verifying emissions. Its immutability, accountability, and transparency make it possible to track carbon balances and other environmental metrics, holding companies accountable for their sustainability claims.

What are the blockchain solutions for sustainability? ›

Efficient Waste Management: Blockchain can be used to create a transparent and efficient waste management system. By tracking waste generation, disposal, and recycling processes, stakeholders can optimize waste management strategies to minimize environmental impact.

What are some of the issues facing sustainability? ›

Our increasing and inefficient use of resources has knock-on effects including climate change, loss of biodiversity, pollution, poor health and poverty. These issues are interlinked and in turn often exacerbate each other.

What are the environmental and sustainability issues pertaining to cryptocurrencies? ›

Indeed, mining for bitcoin and other cryptocurrencies is antithetical to climate progress. This is due to the technologies' massive energy needs and resulting pollution. Understanding these issues and why activists and legislators are pushing for change is important for anyone concerned with ensuring a livable planet.

What are the ethical issues of Blockchain? ›

Blockchain-based systems have the potential to disrupt existing centralized institutions, including governments and financial intermediaries. While this can bring greater efficiency and inclusivity, it also raises ethical concerns about the potential for manipulation or corruption within decentralized systems.

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