Blockchain Technology and Sustainability

A web 3.0 expert explains the state of blockchain technology today. Let us meet Yuree, a founder of shechain.co. Welcome Yuree to our community!

Tell us about your experience in web 3.0.

I first heard about cryptocurrency in 2015 while working at a cyber security startup. Two years later, I got myself into the blockchain rabbit hole. Since I studied engineering and worked in tech startups for many years, I could quickly understand the unique value of technology and its impact on people’s lives.

While consulting for the early-stage blockchain startups and SMEs (Small and Medium-sized enterprises), I founded the first women in the blockchain community in Asia in 2017. Since I moved to Europe recently, I decided to kick off the digital women empowerment initiative with shechain.co. This platform showcases women-led blockchain startups to connect with investors and talents.

Are there any blockchain use cases in sustainability?

Various blockchain startups are advancing UN SDGs (Sustainable Development Goals) in the healthcare, supply chain and energy sectors, to name a few.

The blockchain-powered healthcare system could save millions of people’s lives. One of the key features is data immutability which prevents changing or misusing data without the stakeholder’s consent. Data traceability is a known advantage in the supply chain industry; Blockchain technology can facilitate end-to-end data tracking if done right. Energy power grids can also benefit from blockchain technology’s peer-to-peer trading capability.

Would you like to introduce any particular blockchain technologies to us from the sustainable development perspective?

The current state of the blockchain industry is in its third generation of development. The first generation is represented by Bitcoin, created by an anonymous person or group named Satoshi Nakamoto. Ethereum led the second generation driving the ICO (Initial Coin Offering) boom in 2017. Today, the industry is shifting its focus to scalability, supported by the third generation of blockchain technologies such as Near and Solana.

The energy consumption level of Bitcoin mining businesses has been receiving much criticism from the world, including Elon Musk. The first and second-generation blockchain technologies utilise the Proof of Work consensus mechanism, which requires mining devices running 24/7. However, many of these mining firms started using sustainable energy nowadays. Furthermore, the third-generation blockchain technologies I mentioned earlier utilise the consensus mechanism called Proof of Stake, which is a cost and energy-efficient system.

Like a startup, blockchain technology advances every day. Think about the technology life cycle of vehicles or electronic devices that evolved over several decades. Blockchain technology enabling cryptocurrency has been around for over only one decade now. As more environment-friendly infrastructure protocols are readily available, we will experience more industry applications powered by blockchain technology that contribute to solving the social problems in our society.

Some people say Bitcoin is like gold in the cryptocurrency market. What would you say?

In my observation, the Bitcoin price has always led the overall cryptocurrency market trend. If you also look at the nature of Bitcoin’s token economy enabled by blockchain technology, it considers the inflation and deflation within its currency system over time. Suppose you view Bitcoin as a reserve currency in the cryptocurrency economy. In that case, gold may have given us a similar experience when the US dollar value was anchored to the gold value in the fiat economy.

People say gold prices go high in times of inflation. Some people save their assets with gold or sell them to get some liquidity for paying bills. What is the impact of the cryptocurrency market in times of crisis?

Cryptocurrency has become one of the financial asset classes today. Whether gold or cryptocurrency, I assume that people investing or trading these assets would behave the same. Even if the cryptocurrency market fell significantly in the second quarter of 2022, the Bitcoin price went up approximately more than 20 times if you compare the price in early 2017 and mid-2022. It’s important to have a long-term view of cryptocurrency investment at all times.

Do you think cryptocurrency is also an alternative asset class?

Yes, it already is, with 907 trillion dollars of total global trading volume at the time of speaking. Cryptocurrency will continue coexisting in the trading market with other financial assets like gold.

Finally, what is your favourite cryptocurrency or blockchain solution?

When reviewing the cryptocurrency or blockchain solutions, I consider their tech capability, ecosystem advancement, and market value. Bitcoin is always important to observe since the market trend follows Bitcoin or vice versa. And the high scalability will be one of the main criteria I would consider for the choice of blockchain technologies.

Thank you very much for sharing your knowledge with us, Yuree Hong!

If you’d like to stay connected with Yuree, visit www.shechain.co or her LinkedIn profile to get more insights.

About shechain.co

shechain.co is on a mission to make the blockchain industry more inclusive. We believe startups with a gender-balanced team have a greater chance to succeed. Our community connects startups with skilled talent and visionary investors to achieve what matters.