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Blockchain and Sustainability

Updated: Sep 17, 2019

by Daniel Travaglia

Source: https://cointelegraph.com/news/study-over-74-of-bitcoin-mining-is-powered-by-renewable-energy

Blockchain consists of a ledger that keeps track of all the transactions that occur in an encrypted peer-to-peer decentralized and distributed architecture. In practical terms, this technology shows promises in a variety of industries (food and beverage, banking, transportation, etc…) due to the potential of speeding up some business processes and to tackle issues that have remained unsolvable so far. 

In this article, we will focus on the sustainability side. In fact, blockchain technology is being applied to design solutions in the world of food safety, supply chain traceability but also to impact the energy trading schemes that are available nowadays. While people envision world-changing plans through this technology, they often ignore or underestimate the non-sustainability side of the blockchain energy consumption. Why then blockchain is so energy demanding?