The world’s first blockchain network focused on sustainable economic growth!

Today, society is shifting from an informational economy to one defined by a new set of technologies like blockchain that promises to redefine transparency and inclusion around the world. Blockchain is a decentralized database shared between people in which it is almost impossible to change and modify data. Anyone can get a copy of the decentralized ledger (database), making it a transparent database. Blockchain is a critical technology that has an impact that goes beyond economics. It can transform social interaction, public institutions and our relationship with the environment. But the Proof of Work (PoW) consensus mechanism used to mine cryptocurrencies and verify transactions in blockchains such as Bitcoin and Ethereum requires exorbitant amounts of energy which harms the environment.

Sustainable development has quickly become a global priority since the United Nations (UN) adopted the Sustainable Development Goals (SDGs) on January 1, 2016. Even though blockchain innovation has primarily focused on asset gains crypto-financiers, she is wanted. to find ways to contribute to the SDGs, such as improving access to digital identity, to providing relief in refugee camps.

5ireChain, the world’s first and only sustainable blockchain network, aims to become an ecosystem where individuals and businesses can develop, build, transact and participate in sustainable economic growth while ensuring democracy and fair representation and justified by the stakeholders. Co-founded by Pratik Gauri, Prateek Dwivedi and Vilma Mattila, the company tries to prove the thesis that “one can make more money if they do more good in the world”. 5ire’s mission is to accelerate the implementation of the United Nations 2030 Agenda for Sustainable Development by integrating the 17 SDGs into their blockchain network.

A consensus mechanism governs any blockchain. Like other blockchains, 5ire does not use proof-of-work or proof-of-stake, which consumes a lot of energy and harms the environment. Instead, 5ire uses a technology called Proof of 5ire, which builds sustainability into the consensus mechanism by financially rewarding or incentivizing participants to follow sustainable practices,said Pratik Gauri, co-founder of 5ire.

On February 15, 2022, 5ire announced that it had secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY) as it sought to file for an IPO. 5ire plans to use these funds to expand association with government stakeholders in India and international markets, invest in resources and technology, and hire and improve 5ireChain adoption.

5ire aims to achieve four goals, 1. Accelerate the transformation from the current 4th Industrial Revolution, which follows a for-profit paradigm, to the 5th Industrial Revolution, which will follow a for-profit paradigm. 2. Positively impact over one billion people. 3. Ending the issue of sustainability in the blockchain space. 4. Encourage business to act as a force for good,” Pratic said.

5ire recently entered into a smart policing technology collaboration with Muzaffarnagar Police and the City of Alliance, Nebraska, USA. This collaboration aims to ensure the implementation of a robust smart policing solution, enhancing transparency and accountability by streamlining procedures that are auditable and reflect the details for the stakeholders involved.

In an effort to introduce sustainability into the Indian education system, 5ire has collaborated with the All India Council for Technical Education (AICTE) and created the world’s largest happiness blockchain named YourOneLife (YOL) on 5irechain.

The model for YOL basically has three key features:

1. Evaluate the happiness index of an individual and an institution

2. Assess the state of mind of an individual or an institution

3. Establishment of the mental map of an individual or an institution.

YOL will be available on 5ire’s Tier 1 blockchain, 5ireChain, and will be used for all student academic activities under AICTE. It will also register, issue and verify college credentials for over 8 million students via 5ireChain. Blockchain will also enable 5ire to educate many students under the guidance of AICTE by offering a well-designed curriculum and courses through its 5th generation blockchain technology.

It’s time for people to start implementing innovative and technological ways to practice sustainability and create a better future. The Logical Indian appreciates 5ire’s efforts in building a platform that focuses on sustainable economic growth while working intensively to empower the country and move from a for-profit to a for-profit economy and wish him good luck for his future projects.

To note: 5ire is actively recruiting for several positions.

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