Blockchain Principles and Energy Consumption Concerns

Sanja Bauk

doi:10.1109/IT57431.2023.10078571

Blockchain Principles and Energy Consumption Concerns

Sanja Bauk

Durban University of Technology

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

4 Citations (Scopus)

Abstract

The paper provides a chronology of blockchain and cryptoassets development. It describes the principles of Bitcoin, including blocks and transactions. Cryptocurrencies and smart contracts are enabled thanks to blockchain technology, but this technology considerably increases energy consumption and carbon footprint. Hence, the paper indicates how much energy is consumed during the past 2022 year by different blockchain platforms at world scale. The article points as well some prospects of blockchain larger deployment in the future with the aim of enhancing economic inclusion and development.

Original language	English
Title of host publication	2023 27th International Conference on Information Technology, IT 2023
Publisher	Institute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)	9798350397512
DOIs	https://doi.org/10.1109/IT57431.2023.10078571
Publication status	Published - 2023
Externally published	Yes
Event	27th International Conference on Information Technology, IT 2023 - Zabljak, Montenegro Duration: 15 Feb 2023 → 18 Feb 2023

Publication series

Name	2023 27th International Conference on Information Technology, IT 2023

Conference

Conference	27th International Conference on Information Technology, IT 2023
Country/Territory	Montenegro
City	Zabljak
Period	15/02/23 → 18/02/23

ASJC Scopus subject areas

Safety, Risk, Reliability and Quality
Media Technology
Computer Networks and Communications
Computer Science Applications
Information Systems
Information Systems and Management

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/IT57431.2023.10078571

Cite this

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title = "Blockchain Principles and Energy Consumption Concerns",

abstract = "The paper provides a chronology of blockchain and cryptoassets development. It describes the principles of Bitcoin, including blocks and transactions. Cryptocurrencies and smart contracts are enabled thanks to blockchain technology, but this technology considerably increases energy consumption and carbon footprint. Hence, the paper indicates how much energy is consumed during the past 2022 year by different blockchain platforms at world scale. The article points as well some prospects of blockchain larger deployment in the future with the aim of enhancing economic inclusion and development.",

author = "Sanja Bauk",

note = "Publisher Copyright: {\textcopyright} 2023 IEEE.; 27th International Conference on Information Technology, IT 2023 ; Conference date: 15-02-2023 Through 18-02-2023",

year = "2023",

doi = "10.1109/IT57431.2023.10078571",

language = "English",

series = "2023 27th International Conference on Information Technology, IT 2023",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

booktitle = "2023 27th International Conference on Information Technology, IT 2023",

address = "United States",

}

Bauk, S 2023, Blockchain Principles and Energy Consumption Concerns. in 2023 27th International Conference on Information Technology, IT 2023. 2023 27th International Conference on Information Technology, IT 2023, Institute of Electrical and Electronics Engineers Inc., 27th International Conference on Information Technology, IT 2023, Zabljak, Montenegro, 15/02/23. https://doi.org/10.1109/IT57431.2023.10078571

Blockchain Principles and Energy Consumption Concerns. / Bauk, Sanja.
2023 27th International Conference on Information Technology, IT 2023. Institute of Electrical and Electronics Engineers Inc., 2023. (2023 27th International Conference on Information Technology, IT 2023).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Blockchain Principles and Energy Consumption Concerns

AU - Bauk, Sanja

PY - 2023

Y1 - 2023

N2 - The paper provides a chronology of blockchain and cryptoassets development. It describes the principles of Bitcoin, including blocks and transactions. Cryptocurrencies and smart contracts are enabled thanks to blockchain technology, but this technology considerably increases energy consumption and carbon footprint. Hence, the paper indicates how much energy is consumed during the past 2022 year by different blockchain platforms at world scale. The article points as well some prospects of blockchain larger deployment in the future with the aim of enhancing economic inclusion and development.

AB - The paper provides a chronology of blockchain and cryptoassets development. It describes the principles of Bitcoin, including blocks and transactions. Cryptocurrencies and smart contracts are enabled thanks to blockchain technology, but this technology considerably increases energy consumption and carbon footprint. Hence, the paper indicates how much energy is consumed during the past 2022 year by different blockchain platforms at world scale. The article points as well some prospects of blockchain larger deployment in the future with the aim of enhancing economic inclusion and development.

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U2 - 10.1109/IT57431.2023.10078571

DO - 10.1109/IT57431.2023.10078571

M3 - Conference contribution

AN - SCOPUS:85152397228

T3 - 2023 27th International Conference on Information Technology, IT 2023

BT - 2023 27th International Conference on Information Technology, IT 2023

PB - Institute of Electrical and Electronics Engineers Inc.

T2 - 27th International Conference on Information Technology, IT 2023

Y2 - 15 February 2023 through 18 February 2023

ER -

Blockchain Principles and Energy Consumption Concerns

Abstract

Publication series

Conference

ASJC Scopus subject areas

UN SDGs

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