28/10/2021

Hedera’s Leemon Baird on BBC World

Dr. Leemon Baird was on BBC World News today at 9:15 CT talking about blockchain / DLT and its impact on the environment.

You can watch the interview here and it has been transcribed.

BBC: Electricity annually to put into perspective that’s the entire output of 23 coal-powered power stations, but there might be a more sustainable answer going forward it’s called Hedera Hashgraph, now hedera uses a new blockchain alternative called hashgraph which at times requires five million times less energy than bitcoin in contrast to blockchain which constantly grows with new transactions, hashgraph doesn’t have a chain of blocks and uses two algorithms simply instead to improve its overall efficiency.

In their own words there are committed to carbon negative operations and have adopted sustainability as a core value.

Well, I’m pleased to say I’m joined by Dr Leemon Baird the inventor of the hashgraph algorithm and he’s also co-founder and chief scientist at hedera. Thank you so much for joining us so good to have you on the program, let me ask you first of all in the simplest way possible for those watching at home who are thinking what are we talking about, explain why the environmental cost of cryptocurrencies is so high?

LB: So it’s great that bitcoin gives people the ability to have a decentralized money that they can spend without banks or anyone else in between, but it uses a lot of electricity more than all of Ireland every year, and so this is not as green as you would like, and so we have Hedera Hashgraph that uses much more than five million times less according to the university college of London report.

BBC: So will the environmental cost eventually decrease when we’re using more renewable energy for these purposes?

LB: No! because you’re using renewable energies that could have been used for something else the best kind of energy usage is the energy you don’t use, and so by using a lot less that is greener.

BBC: How do we get the electricity grid to the point where it’s able to cope with the demand as obviously we’re seeing more and more society becomes more cashless?

LB: Yes! a big part of that is to have people say put solar panels in their house and have the ability to sell it back and so on top of hedera not only are we using very little we have markets so that the panel on your house you can sell energy from it to other people sell the carbon credits to other people and bind them together and create markets there are markets being built on top of hedera hashgraph to trade energy and carbon credits

BBC: How do you think blockchain can be used to build decentralized power grids going forward?

LB: Yes so this allows you to be decentralized if you have all these different power generations including just ordinary people with things on the roof you have them all selling and buying with each other not having to sell to a monopoly who then just buys it at whatever price it wants and so blockchain hedera hashgraph can allow you to build markets that just decentralize it get rid of the middleman and allowed to be more efficient

BBC: I know that you’ve obviously come up with hedera hashgraph for specifically for the reason of becoming carbon neutral do you think that the wider tech community has cottoned on now to the fact that we have a climate emergency and something needs to be done about it and they have a role to play, you have a role to play?

LB: I think so we’re seeing a lot of interest in being carbon neutral or even carbon negative we use a little bit of energy and then we buy carbon credits to be neutral and we actually make it negative i think a lot of tech companies now are really on board with trying to reduce carbon footprint.

BBC: Okay Leemon Baird, it’s good to talk to you thank you so much for taking the time to talk to us on BBC News

LB: Thank you!