Of late, the clean air or the lack of it is grabbing the attention of everyone. The problem of clean air is that of socializing the losses. Everyone does a bit of pollution but are not responsible for the combined total outcome, so they keep doing it. Unless and until we create a way for this loss to be monetized, the problem cannot be solved.
My proposal is inspired by the bitcoin technology and is explained below.
- Use a cheap IoT sensor for top 3 pollutants ( pm 2.5, CO2 and NOx for example). The sensors should be tamper proof. There should be a mandate to enforce the IoT sensors at the sources (Industries, Automobiles, Farms etc). The records from the sensors are transferred to a public register (block chain) that serves as a record of pollution.
- The public register is “mined” by pollution mining companies. The companies use pollution reducing equipment to collect “Clean air” coins that constitute a “proof of work”. The “proof of work” should be linked to actual amounts of pm 2.5 particles, CO2 and NOx being removed by the companies.
- The “Clean air” Coin must be pegged to Rupee so that the value of the coin gives the incentive for the companies engaged in reducing pollution. Initially this can be through a grant or funds. Once the transactions scale up, the value can be self-sustained through public investment and should induce a positive reinforcement loop.
What are your thoughts?