Green Blockchain Initiatives for Sustainable Cryptocurrencies: An Overview

Due to its promise of transparency, security, and decentralization, blockchain technology has seen extensive adoption across a wide range of businesses. However, the energy-intensive nature of typical blockchain networks, especially those based on proof of work (PoW) consensus algorithms, creates se...

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Bibliographic Details
Published inThe ICFAI journal of financial risk management Vol. 20; no. 4; pp. 42 - 57
Main Author Bhattacharjee, Sandeep
Format Journal Article
LanguageEnglish
Published Hyderabad IUP Publications 01.12.2023
Subjects
Energy consumption
Energy efficiency
Environmental impact
Sustainability
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Summary:Due to its promise of transparency, security, and decentralization, blockchain technology has seen extensive adoption across a wide range of businesses. However, the energy-intensive nature of typical blockchain networks, especially those based on proof of work (PoW) consensus algorithms, creates serious environmental issues. This paper reviews the developing notion of "green blockchain", with emphasis on cryptocurrencies, concentrating on the principles, technology, projects, and issues connected with establishing environmental friendly and sustainable decentralized systems. The paper seeks to add to the discussion on sustainable blockchain development by assessing the existing environment and future potential.
ISSN:0972-916X