An approach to minimize the energy consumption during blockchain transaction

Reference Type:

Journal Article

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Published In:

Materials Today: Proceedings

Year:

2020

Author(s):

Rajit Nair
Sweta Gupta
Mukesh Soni
Piyush Kumar Shukla
Gaurav Dhiman

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Blockchain is one of the leading technology in recent times, but at the same time it consumes a horrible amount of energy. Blockchain is considered as the secure public chain for transactions and it assumes that the miners involved in a transaction do not consume much energy. During the blockchain process proof-of-work (PoW) has to be maximized and this PoW chains rely on the network resources consumption to protect them from malicious attackers. Blockchain is a peer to peer process that means there is no involvement of intermediaries during the transaction and it needs a huge amount of hash calculations for achieving the best results. In general, it is observed during the complete process of blockchain a considerable amount of energy is wasted and this in the form of electricity which degrades the performance. So to increase the performance of blockchain, minimization of energy loss is needed. In this article, the focus will be on the different approaches taken during the blockchain process to minimize the losses.