This article was first published on Chainlink
As a wider variety of data is fed into blockchain networks, from weather indexes to IoT sensor readings, users worldwide are continuing to discover the power of blockchain applications for use cases far beyond money and finance. In the sustainability sector, hybrid smart contracts—smart contracts that leverage blockchain infrastructure and off-chain data and computing resources—are emerging as an innovative solution for enabling global communities to more easily come together to incentivize green practices and directly verify their impact. This has even begun to extend into “regenerative agriculture” programs, which are not only offsetting climate change but helping reverse its effects while empowering local communities.
Incentivizing Environmental Sustainability and Regeneration With Hybrid Smart Contracts
A growing amount of environmental science research points toward the benefits of regenerative agriculture techniques for protecting natural ecosystems. Regenerative agriculture is a holistic land use practice that involves planting multipurpose tree species alongside indigenous vegetables and superfood plants to create an agro-ecology system. Agro-ecology systems have many social benefits to society, such as increases in local income and nutrition, as well as a “draw down” of CO₂ into the soil. Regenerative agriculture focuses not only on reducing the carbon footprint and ensuring sustainability but also on going beyond traditional conservation practices to reverse the direction of climate change.
In staging an effective response to the accelerating threat of climate change, it’s critical to rapidly scale regenerative agriculture into a global practice. Such a response requires the efforts not just of governments and corporations but of local businesses, communities, and individuals, as well as methods for the eﬀicient and well-targeted mobilization of substantial financial resources. For small organizations, these challenges are considerable, while large organizations tend to grapple with high administrative overhead and slow program creation and enactment. This is where hybrid smart contracts can help ...
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