A Study on the Issue of Blockchain’s Energy Consumption

Abstract

Blockchain technology is one of the biggest innovative technology that has been developed and has potential usage in fields of education, business and industries. Since the creation of bitcoins, blockchain has emerged as a means for storing digital information without the intervention of any third parties. However, now, it is used for various other applications than just being a simple distributed ledger. With time, it has imposed a larger impact on different fields of economy and has gained popularity for its immutability. But, there are some issues faced by blockchain. One of such issues is the energy consumption. Blockchains are found to consume exorbitant amount of energy because of the algorithm followed for its creation. This paper explores the blockchain technology and the impacts of energy consumption due to the technology used.