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These blocks are then linked together to form a chain—hence blockchain. When we talk about blockchain ecosystems (a group of organisms interacting with one another within their surroundings), there are the groups of actors (users, miners, developers & researchers, etc.) interacting with each other within the world of blockchain and with the encompassing off-chain world. The core interactions between these actors take place in the form of transactions, but these transactions are almost entirely limited to the blockchain itself. In lay man language to understand blockchain-at present some of the countries already adopted an online ballot voting system which includes a voting registration database, electronic devices and software. For voting, firstly individual has to register himself which includes his identity number, name, phone number and personal information then it is stored in the software. From the cyber security perspective it is easy to disrupt the software by just attacking on the voter’s registration database. Each part in the election process whether it is hardware or software is at major risk of hacking. When the software system is manipulated it can lead to the inappropriate election result. Not limited to that, after hacking the database of voters they can easily access their social media accounts. So, the sufferers at the end are the common people. To solve this issue the new technology blockchain can be used to provide security during voting time. With its transparency, immutability and accountability properties this can be attained up to some exact level. It ensures that digital data must come from the trusted source by using cryptography.
Blockchain’s property once data is entered can never be destroyed enables it to store individual’s identity records such as biometrics, iris scanning and many more for authentication voters and to record their records in the tabulation format. Blockchain technology is like having public key—visible to anyone, can help each individual voters and election conducting officials in counting number of votes without any malfunctioning in the system and which tends to a fair election outcome. Basically, this new technology has completely eradicated the third party i.e. electronic devices (Hardware), hence does not involve disturbance in the entire system. Moreover it enhances the security level of the entire system by providing copy of data to other nodes existing in the network. If hacker tries to modify the record of one node then it has to manipulate the data on the other nodes too on which same information exists which is quite complicated. Thus blockchain acts as a shield for preventing the system against cyber-attacks. Fraudulency can be minimized as the data has been copied to more than one place.
Like in Crypto currency, its ecosystem is based on Blockchain and has four parts or elements: the users who use crypto currencies to receive and send currency, crypto currency miners who produce the crypto currency, investors who buy crypto currency and the developers who write programs related to this system and network and develop it. No part of this system can continue working each without the other.
An ecosystem comprises entities that collaborate along perpetuity of consumer’s needs to deliver greater value and bolster the addressable retail market. An ecosystem is defined by constructing a ring around organizations, individuals, and things that share or complement a set of interests. This circle will be defined by the mindsets of the stakeholders and whether they would want to create efficiencies, curate new markets, and improve collaboration.
The collaborator-stakeholders defined ecosystem as a scope from creating economically broad and sustainable markets aligning with emerging customer preferences and leveraging open source development for complex problems. These interests can include intercommunications within and cross wide organizations, different sectors of the economy, and industries. A blockchain ecosystem is said to be developed if it allows the interconnectedness not only with producers or sellers but also with the consumers. Its aforementioned correlativity permits to build systems that can selectively take profit of the blockchain—in its trustworthiness, clarity, and decentralization. The Blockchain ecosystem is helpful to maintain the environmental sustainability as it is having potential to verify the transparency of the transaction records—data which has to be transferred and the person having the data at present can both be verified by blockchain technology. This can be implemented by the decentralization and digitalization of the conclusion. Blockchain ecosystem also promises to improve the existing governance environmental models which are progressing at steady rate and intermediaries associated with the models taking sweat equities charging high by empowering broader people of stakeholders. Moreover, Blockchain are public—records are visible to everyone but none have permission to delete those records or destroy them. Basically Blockchain are of three types: public-like decentralized organization, private-degree of openness is limited to specific users like in Audit companies, Consortium—refers to an agreement between the organization and actors. In nature, ecosystems tend to arise naturally. To ensure the ecosystems fulfill their purpose, they’re often controlled by the creation of applications, integration with external systems, added on by the creator also. There are Self-fulfilling agreements, the smart contracts which can manage the system automatically, by the members of the ecosystem just in case.
2.2 Blockchain as Game Changer for Environment
Transformation in the existing environment ecosystem can be imported by the blockchain technology by adapting decentralized, efficient energy resources and water systems. Data like—how much water used at household level, how much energy required per area, etc. Eradication of the species from earth seems like becoming the trend, as the lessening of biodiversity at its peak. The ocean is becoming more acidic day by day as its plants are consuming greenhouse gases. As predicted by scientists by 2050 we will be having fall of 30–35% water as the water’s demand is increasing by 1% every year. Along with that, the Earth’s atmosphere circular system and climatic changes, deforestation rates, are also calculated that approx 7.5–8.5 million tons of plastic are present in the sea water which is effecting the food chain.
All these records can be maintained on the blockchain environment system with the help of smart sensors. The data which can’t be collected manually if collated contains partial information base on which decision makers of centralized organization and retailers make their conclusions. This inadequacy has been improved by blockchain technology by providing more informed decision making and transforming the centralized into the decentralized one. With the help of blockchain ecosystem we can easily trace and verify the renewable energy resources, P2P transaction, make value as dynamic plus to that balance of the demand side economy. This technology can be used as a base to make people aware of the natural calamities—it prepared the communities in advance for upcoming disasters. Through smart contracts it ensures the transmission of important information among the large range of users at the time of natural mishap. The role of the blockchain resembles that of a wild card for the already existing ecosystems which does not disturb and is effective for climate change and other environmental challenges, known to be as game changers can be stated as follows:
1 Supply Chain Management: See Through ChainsWhenever the customer buys the product a trust factor is associated with that brand like Johnson’s, Maggi, or Lakme. The information that consumer keenly is looking for is that the manufacturing of that product should be fair which is not available and sometimes it becomes difficult for them to verify whether the product is genuine or fake. For the product to reach the store it has to travel through many intermediaries—producers, suppliers, retailers, in-between reconstruction or remodeling can be done with the product’s brand—chemicals can be added, basic materials can be changed or replica of the product can also be made with low quality constituents. At the end it is the customer who will be suffering. Here comes the savior for consumers i.e. blockchain. Blockchain enables tracking of the path of product beginning with manufacturing, traveling till its destination like a GPS of product’s route. Customer can get all the answers of the four questions:a. Where the products are produced?b. How efficiently is it produced?c. Where they dispose their waste?d. How much biasness is involved?Blockchain has the potential to make the supply chain transparent which can help the buyers buy more environment-friendly products. To track the path of food also seems to be benefitted in cutting down the carbon emission as the consumer will avoid traveling long distances. It brings all the stakeholders-investors,