What is the consensus? (Blockchain report extract)



Published on 6 October 2018 |
by Michael Barnard

6 October 2018 of Michael Barnard

Along with our normal daily coverage for clean technology news, CleanTechnica it also produces in-depth reports on various aspects of clean energy and clean transport. One of the emerging technologies we cover is not directly a clean technological innovation is blockchain, which promises to be a catalyst for innovation in the green economy in the near future. Blockchain is probably best known to the public as "having something to do with cryptocurrency and Bitcoin, right?", Which is partially correct, but the technology itself has a wide range of applications, some of which will be crucial in the fields of distributed renewable energy , network management and energy storage, and smart contracts, among others.

The full report Blockchain: an enabling innovator for Clean Technology, which was published in July, is a deep immersion in the blockchain and its potential, and we will publish more excerpts from the report in the coming weeks. (Read the first and second part.)

There are a lot of hidden nuances to block, of course. Most blockchains work on proof-of-work, which is to say that blockchain is protected making it artificially difficult to create a block, hence the use of Bitcoin's power. An emerging approach is evidence of the game, in which honest participants have at least 51% of the activities. It is much less expensive from a computational point of view.

Likewise, the whole concept of blockchain is a solution to a computer problem of the years' 70 formalized in 1982 as a problem of the Byzantine generals. After all, it's a question of how a group of systems can collaborate with confidence when malicious actors are trying to destroy the system. Proof of work and proof of play are different solutions in addition to blockchain for that problem.

The piece of evidence of the work is interesting because the nodes that determine the next hash are paid, usually in the cryptocurrency in question. Here is how Bitcoin is born. A group of nodes called miners compete to find the hash for the next block and the one who wins comes to create it and gets paid for it. The rest has just spent a lot of money on computer power and electricity with nothing to show for this. Bitcoin is designed so that it becomes increasingly difficult to discover the hash with each block and that combined with the current high Bitcoin value means that many people compete globally, hence the consumption of electricity.

Stay tuned for more excerpts from Blockchain: an enabling innovator for Clean Technologor view the summary and request the full report at https://products.cleantechnica.com/reports/

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tag: bitcoin energy consumption, blockchain

About the author

Michael Barnard is a C-level technology and strategy consultant who works with start-ups, existing companies and investors to identify opportunities for significant growth in turnover in the low-carbon economy. He is editor of The Future is Electric, a publication of Medium. He regularly publishes low-carbon technologies and policies at sites like Newsweek, Slate, Forbes, Huffington Post, Quartz, CleanTechnica and RenewEconomy, with some of his work included in textbooks. Third-party articles about his analysis and interviews have been published in dozens of global news sites and have reached # 1 on Reddit Science. Much of his work was born on Quora.com, where Mike has been a Top Writer every year since 2012. He is available for advice, linguistic commitments and Council positions.

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