7 Feb 2022 | Blockchain, clean Techh||Traceability
Blockchain has been the potential to affect sustainability reporting. At its core is the ability to create records that are more credible and more resistant to fraud – similar to sharable online documents in which anyone can see or prevent manipulation of records. Blockchain solves problems regarding the lack of information. With its transparent, unforgeable, and secure data, everyone could have access to a substantial amount of information.
Emerging technologies like blockchain have a crucial role in energy transition and achieving the Paris climate goal of 1.5 degrees, as they can become a technological bridge towards the energy transition of the 21st century. To evade climate risk, the net carbon emissions of our planet need to be zero by 2050, limiting global warming to 1.5 °C. This need has accelerated the energy transition towards decarbonization, digitization, and decentralization.
Different blockchains have distinct consensus protocols and algorithms used to verify transactions. Proof of Stake (PoS) and Proof of Work (PoW) are the two most common consensus protocols to date, though others are emerging.
The early-stage blockchain protocols that adopt proof of work mechanism challenges the environment due to the high level of energy consumption. However, the evidence of the staking mechanism of second-generation blockchain protocols and the lower level of energy consumption is promising for this challenge.
By design, proof-of-work blockchains require high levels of energy consumption, and in fact, high energy consumption is a cost that inherently prevents the addition of malicious blocks. Instead of using computing power to verify transactions, proof-of-stake blockchains verify transactions by locking away some coins as “stake.” In turn, the stake gets an additional reward for successfully verifying the transaction or destroyed if there is a mistake or fraud.
Consumption of Energy
As blockchains use an enormous amount of energy, instead of using non-renewable sources of energy, renewable sources of energy can be preferred for power production. Integrating renewable energy sources as the resource comes with an opportunity to utilize the unemployed resources less harm the environment.
Renewable energy sources cause less pollution and will not increase the carbon footprint. Reducing the energy consumption of the blockchains is the need of the hour. If these challenges can be overcome, blockchains will become the best option for the future world.
Comparatively, it can also be seen that Proof-of-Work uses the maximum energy. So, switching to other protocols like Proof-of-Stake or DPos or Proof-of-Authority can help in reducing the energy consumption for validating blocks or transactions.
List of Consensus Protocol
Share Blog on:
Sailaja is a successful entrepreneur who believes in her passion and dedication. She has a master in business management from Herriot Watt University. She worked as a CEO for a Pharma chain in Hyderabad, and years later, she pursued her dream for pastry and got a degree in pastry from Le Cordon Bleu College, London. She started and established her patisserie in Hyderabad, getting the tastes from Global travel, infused her finesse to products taking her brand a notch higher.
Krishna Vallapu is a technology evangelist and Entrepreneur, graduated from Nagarujuna University and trained in IIM, Ahmedabad. Proven track record in building futuristic products, surpassing goals, and expectations for quality. Superior expertise with developer supervision and client relations. Out of box thinker who thrives in collaborative environments, working across business and technical teams.
Inder has an MBA in Finance in India. Utilizing his Finance background he rose through the ranks in the banking sector in the US and then after receiving his MS in Healthcare Services Administration he started his career in healthcare at the Tufts Medical Center, Boston.
Inder’s growing understanding of the expanding role of technology in healthcare caught the attention of the bureacracy and was invited to work on the Patient Privacy and Electronic Records Committee for the State of Massachusetts and later on at the State of Georgia Department of Health and Human Services. These were in the years immediately preceding the development and roll-out of Health Insurance Portability and Accountability Act (HIPAA).
Sensing a rise in ERP movement, Inder joined a software company and worked on managing ERP solutions projects in the manufacturing sector where his clients included the Coca Cola Company, Sara Lee, International Paper, Siemens (Canada) etc .
In 2008 he came to India with the aim of realizing his cherished dream of working in India. He served as the CEO of a EMR software company, and later on led the Digital Transformation at several hospital groups as a group CIO and Vice President. Inder has to his credit, several published articles in national and international healthcare technology management and as an invited speaker at various private and government conferences. He has also been cited in several articles and studies including one at the National Library of Medicine in the USA.
In his spare time Inder indulges in travel and reading.
A versatile and passionate leader with 20+ years of expertise in IT Business & Product Strategy, Market Access & Distribution models and Talent Acquisition. Seasoned Investor. Founded multiple successful businesses & Angel Networks.
An IIM – K alumnus, before embarking on his successful multi sector entrepreneurship journey, Puru served various Fortune 500 companies in Senior Leadership roles. His last corporate stint was with Bank of America.
Suraj is an entrepreneur, with more than 2 decades of experience in creating various successful enterprises, a seasoned investor funded multiple startups, specialize in creating healthcare delivery infrastructure, board member and strategic advisor, skilled in Healthcare, Telecom, IT Strategy and Market outreach.
A Technology Leader and Entrepreneur with a proven track record of building and managing innovative solutions in digital content delivery. Demonstrated history of delivering strategic solutions in Cable, Media & Entertainment industries. Expertise in building interactive ad solutions, advertising platforms, Live Streaming(QAM, OTT, PPV), subscription-based Video (SVOD, AVOD, TVOD) services, Cloud DVR, and Broadband/WiFi services at scale across a multitude of infrastructure options(On-Prem, Hybrid Cloud, Cloud Native, Cloud Agnostic). A strong business development professional and an entrepreneur at heart with a Master of Technology focused in Computer Science from Birla Institute of Technology.
An Investment Banker, Startup coach, Mentor, Strategic planner. Sector expertise Social, Agritech, Edutech, Healthcare, eGov Strategic Planner, M&A, Transaction Structuring, negotiations and valuation, An IIM-A Alumni with more than two decades of experience.