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Digital wallets have emerged as a key component of the digital revolution that has transformed the landscape of transactions. They enable users to store and manage payment and personal information (such as credit cards, health and government-issued ID cards, airline tickets, and sports and entertainment venue tickets) on their smartphones and wearable devices with enhanced convenience, improved security, and greater control over their finances and data. However, as digital wallets become more prevalent, they also pose significant challenges to the security and management of digital identities and their impact on privacy and personal data.

The energy used to power proof-of-work blockchain technologies is essential to their security. Many in the permissionless blockchain ecosystem will attest that energy consumption “is a feature, not a bug.” As the effects of climate change worsen, investments in digital assets that use more electricity will become increasingly unattractive. To understand how this technology can be used for good, such as advancing digital inclusion and universal payments and perhaps even promoting sustainability advancements, we must first understand its energy usage and develop more effective methods for verifying carbon offset claims. To help further this understanding, in July of 2022, in collaboration with Intel, Linux Foundation Research hosted a roundtable to discuss the opportunities to create sustainable blockchain infrastructure and to better understand the impact of blockchain technology on the environment. Additionally, the roundtable addressed how we can reduce that impact, and how blockchain technology itself can help reduce our own carbon footprints and provide mechanisms to incentivize our consumer choices so that they are more sustainable by default.The roundtable brought together experts and stakeholders from across the Web3 ecosystem to discuss how various Web3 communities define and practice sustainability. The outcome of this roundtable resulted in the recently published report, Web3 and Sustainability: How We Can Reduce the Climate Impact of Blockchains; How Blockchains Can Help Reduce Our Own.

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