Ethereum projects are making headlines in major cryptocurrency sites as Vitalik Buterin, Etherium’s founder, supports initiatives that positively impact the society. From philanthropy, fund to support open source, and smart contracts, ethereum has been wisely engaging with sustainability projects.
For the ears of the common investing public as well as trends in banking world called “green finance” or “green bonds,” sustainability projects are now starting to become popular. Let’s look at four recent ethereum projects in the headlines.
Smart Contracts Enter Oil and Gas Industry
A joint venture Ondiflo that will be based in Texas is poised to automate the order to cash processing at the heart of US’s oil and gas industry using etherium’s smart contracts. This is a good development in the industry as, currently, order to cash processing are paper based which are slow and prone to errors. We know for a fact that the oil and gas industry is one of the most profitable in the world. If there will be more ethereum projects in this space, oil industry will become more profitable and may contribute to drive oil prices down. If this happens, ethereum will get the attention.
Supporting an Open and Free Web
Vitalik Buterin donated 100 ethereum to Internet Archive, a digital media charity that maintains 15-petabyte database of free books, websites, software, and other digital media. With internet nowadays reaching places that otherwise could not afford it, supporting providers of free digital media creates positive impact in the worldwide community. Even the World Bank is pushing its member countries to expand internet access for educational purposes. If Buterin will support this further with ethereum projects, his brainchild could leave a lasting impact to society.
Giving World Food Programme an Alternative
The United Nations (UN) World Food Programme, the UN’s arm in charge of addressing famine and food issues around the world, is expanding its ethereum projects on blockchain-based payments and other databases.
Their primary goal is to save on transfer fees incurred by the traditional banking system. They have also successfully launched a biometrics technology where the Syrian refugees can purchase food by using biometrics instead of the traditional credit card or cash. Ethereum’s association with these kinds of organization is sure to boost its reputation, thus will make the investor outlook more positive in the long term.
Creating Sustainable Technology Through Ethereum Community Fund
Six of the biggest ethereum-based open source projects with large market capitalization come together to form the Ethereum Community Fund to support open source non-profit projects that need funding. One of the goals of this project is to attract more communities to come together to address ethereum’s scalability issue which is haunting almost all crypocurrencies. If this collaboration succeeds, etherium will take a step ahead of its competitor technologies, even ahead of bitcoin.
These sustainable etherium projects are likely to make positive impact in the long term for Buterin’s brainchild.