Podcast Episode 56 l Is a sustainable blockchain possible?

Blockchain
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Is a sustainable blockchain possible? We talk about what is the blockchain and whether it is energy intensive.

Cryptocurrency or crypto is a digital currency that has been designed to work as a medium of exchange or “currency” through a computer network. The main advantage of this medium of exchange is that it does not rely on any central authority like the government, banks, or other financial organisations, for its maintenance.

It is essentially a highly decentralized system that does not need traditional intermediaries to verify that parties undertaking a transaction have the money they claim to have. So, when funds are transferred between entities, there are safeguards within the system to ensure that transactions are what they claim to be.

Individuals own coins and the records of this ownership are stored in a digital ledger. This ledger is essentially a computerized database in which not only transaction records are secured, using very strong cryptography (a method of protecting information and communications by using codes), but the transfer of coin ownership is verified.

Sources: https://www.statista.com/statistics/863917/number-crypto-coins-tokens/

https://news.yale.edu/2022/06/29/blockchain-not-just-bitcoin-it-can-secure-and-store-genomes-too

https://ccaf.io/cbeci/index

https://www.sciencedirect.com/science/article/pii/S2542435122000861

https://www.euronews.com/next/2022/09/15/the-ethereum-merge-has-big-implications-for-crypto-mining-and-bitcoin-what-to-know/

https://ccaf.io/cbeci/index

https://unctad.org/news/how-blockchain-can-power-sustainable-development

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I am a Chartered Environmentalist from the Royal Society for the Environment, UK and co-owner of DoLocal Digital Marketing Agency Ltd, with a Master of Environmental Management from Yale University, an MBA in Finance, and a Bachelor of Science in Physics and Mathematics. I am passionate about science, history and environment and love to create content on these topics.