Cryptocurrencies, Blockchain Technology and Sustainability

Abstract

Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons believed to be the inventor of cryptocurrency Bitcoin, came up with the concept of blockchain as a core component of it when published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008, blockchain technology made its public debut. Bitcoin is generally considered the first decentralized cryptocurrency and since the release of it, over 6,000 altcoins have been created. Cryptocurrencies use decentralized control as opposed to well-known, traditional centralized digital currency and also central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain. Blockchain is a system that in which a record of transactions made in cryptocurrencies are maintained across several computers/servers that are linked in a peer-to-peer network. Blockchain based applications provides many opportunities to create a more sustainable world. This paper contribute to the discussion on future avenues for sustainability especially in terms of cryptocurrencies and blockchain based platforms and services.