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.