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Research Considerations on Energy Consumption by Blockchain Networks

Journal Publication

Authors: Vijaya Kittu Manda; Dr. Bhukya Madhu

Journal Name: POSITIF Journal; ISSN: 0048-4911

Volume Number: Vol 24, Issue 5, 2024

Publication Date: May 31, 2024

Pages: 421-428

Journal Paper Link on Publisher Website

Abstract: The research examines potential methods for reducing the energy consumption of blockchain networks through a combined literature review and analysis of industry reports. Blockchain technologies, such as cryptocurrencies, have faced criticism for their high energy usage. The study identifies several technical, economic, and policy-focused approaches, including using more energy-efficient consensus algorithms, optimized hardware and software, alternative architectures, energy-aware protocols, and incentives, integrating renewable energy sources, conducting energy audits, developing energy-efficient smart contracts, and improving education and awareness. Adopting these methods could help address concerns about the environmental sustainability of blockchain technologies.

Keywords: cryptocurrency, cryptocurrencies, consensus algorithms,distributed ledger technology, sustainability green blockchain

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