CHAPTER 12THEORIES OF CRYPTOCURRENCY, BLOCKCHAIN AND DISTRIBUTED SYSTEMS AND ENVIRONMENTAL IMPLICATIONS

P. Mary Jeyanthi

Business Analytics & Information Systems, Institute of Management Technology, Nagpur, Maharashtra, India

AbstractBlockchain is fundamentally a distributed database and open source where anyone can change the underlying code and see the current status of an operation. It is actually a peer-to-peer network. Think of it as a massive global database that runs on zillions and zillions of computers. It doesn’t require any controlling intermediaries to authenticate the transactions. Cryptocurrency and blockchain technology are the most disruptive technologies of the contemporary e-era. The scope of blockchain has the potential to disrupt key barriers to efficiency, commitment and scaling. It could record any structured information end to end. In the case of settling trillions of real-time transactions in banks, blockchain extensively supports settlement systems.

The aim of this chapter is to provide concrete knowledge about cryptocurrency, the state-of-the-art of cryptography, blockchain and distributed systems, and to emphasize the synthetic sketch of environmental issues raised by the development of new disruptive technologies. There are key challenges to be focused on if the blockchain is to work in the environmental sector; for example, blockchain systems, especially the use of cryptocurrencies, are enormously energy-intensive. Moreover, there are many natural ...

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