Fire continues to blaze within the “lungs of the earth” despite Brazilian’s government’s ban on illegal deforestation.

Climate change, extortion of indigenous plants, threats to the aboriginal communities, taking control of the rich biological assets are the complications faced by the Brazilian rainforest.

In this regard, 100 countries came together to sign the Nagoya Protocol in 2010 where resources extracted from the origin country must receive a fair share of the profit earned from their biological resources totaling till today up to 114 countries.

Communities living there, however, have rarely benefited from the genetic wealth extracted from their land – a form of theft that legal experts call “biopiracy”. Instead, forest-dwellers often remain impoverished, which can drive them to find other ways to make money, such as illegal logging, according to Dominic Waughray, who heads the Amazon Bank of Codes project for the World Economic Forum. Reuters Report

However, the likelihood of bio-pirates extracting the undiscovered native samples and patenting as their own is easier as nobody knows where it came from and how much profit was generated from it.

BLOCKCHAIN TECHNOLOGY TO TRACK RAINFOREST ASSETS

Global Economic Forum, Amazonian Bank of Codes, Earth Biogenome project came together collectively to catalogue, identify and build a database of genetic material in an immutable ledger for the visibility and accountability of the valuable biological assets.

On 4th September, Rainforest Foundation, a US-based non-profit organization reached out to the crypto community in an attempt to save the Brazilian amazon while ensuring the rights and protection of its indigenous natives.

The foundation is also researching the use of smart contracts to stop illegal logging, land trafficking and safeguard forests from gold mining. CoinTelegraph Report.

CRYPTOCURRENCY AND SUSTAINABLE ENVIRONMENT

Cryptocurrency can help in developing sustainable environment as the ownership of the biological resources can be licensed to its indigenous owners and they can earn royalties from it for possessing the assets instead of selling it to capitalistic entities or even if they do blockchain technology ensures that the rightful owner receives its due reward.



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