INVESTIGATING THE POTENTIAL OF USING BLOCKCHAIN AS A TOOL IN WETLAND MITIGATION BANKING

Abstract

This paper investigates the potential of using blockchain technology as a tool in wetland mitigation banking. Wetland mitigation banking plays a crucial role in compensating for wetland loss by creating mitigation banks and trading wetland credits. The integration of blockchain technology offers potential to enhance transparency, accountability, and efficiency in wetland mitigation processes. Through literature review, case study, and stakeholder interviews, this study evaluates the opportunities and challenges of incorporating blockchain in wetland mitigation banking. The findings suggest that blockchain technology provides the opportunities to improve trust among participants, streamline documentation processes, and increase the overall effectiveness of wetland mitigation efforts. However, concerns regarding implementation costs, stakeholder learning curves, and technology adoption pose significant barriers. Further research is crucial to assess the balance between the potential advantages of blockchain technology and the necessity of system changes in wetland mitigation banking. By exploring the application of blockchain in wetland mitigation banking, this research contributes to the ongoing discussion on innovative solutions for conserving wetlands and promoting sustainable environmental practices.