Blockchain technology has revolutionized how key stakeholders across several industries process and record transactions. It has made such processes much more secure, transparent, and fast, thus leading to an improved scale of operations across domains. As we all know, blockchain technology leverages various consensus algorithms like Proof of Work to validate transactions on the network. However, such processes are extremely energy-intensive as they require the network participants to use hefty hardware devices that emit an enormously high degree of greenhouse gases. Needless to mention, this has adverse effects on the environment and poses significant risks related to major concerns like climate change.
While blockchain has undoubtedly established itself as one of the most useful and advanced cutting-edge technologies that are revolutionizing operations across industries, we need to ask – “At What Cost”? It is imperative that platforms using blockchain technology curate it in a manner that is environmentally sustainable. At Payment Porte, this is our core vision – Leveraging blockchain technology to create an inclusive and equitable financial future for micro, small, and medium businesses while ensuring the highest degree of eco-friendliness.
At Payment Porte, we are proud to be using the Stellar blockchain as the core foundation of our operational infrastructure. When it comes to environmental sustainability, this gives us a key advantage as we race towards achieving a net-zero carbon footprint. Mentioned below are the main aspects of our sustainable approach.
● The Payment Porte platform is a combination of the decentralized Stellar and Bitcoin native Blockchains and our private & permissioned backend DLT framework. This unique combination is the key to our energy-efficient and environmentally sustainable fintech platform
● Efficiency fuels sustainability and the Stellar Blockchain is efficient by design. Stellar’s yearly carbon emission is only equivalent to the emissions from the electricity consumption of 33 US households. Also, Stellar’s carbon emission to process one transaction on its network is equivalent to what a smartphone emits while charging just 0.1% of its battery. This gives us a massive advantage to further reinforce our vision of being environmentally sustainable yet delivering very high value for our users.
● Being based on the Stellar Blockchain, Payment Porte utilizes the Proof of Agreement Consensus Algorithm to process and record transactions. This is a highly sustainable model as compared to the Proof of Work Consensus Algorithm, as it enables us to reduce our carbon footprint manifolds.
● Payment Porte’s private DLT backend infrastructure, which is basically a private permissioned blockchain leverages an advanced cloud stack to store, process, and manage transactions on the network. We do not pass on any carbon burden to the environment as we do not involve any kind of heavy energy consumption equipment to fuel our operations.
As we inch closer to the launch of our beta version, sustainability and eco-friendliness remain at the core of what we do and why we exist. Please feel free to share your queries and we will be happy to address those. Meanwhile, consider following us on our social media handles for regular updates.
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