EP. 61: Security and Sustainability: Examining the Benefits of PoS-based Blockchain Networks

Tomorrow I'm joining the online conference of the German Federal Ministry for Economic Affairs and Climate Action. The topic of the conference is the intersection of blockchain and sustainability. Far too often this discussion is reduced to the impact blockchain technology has on energy consumption and how it can reduce our carbon footprint, while this is an important point, it is only one of the facets of a much bigger discussion.  In my newest article posted on my LinkedIn, I explore the energy efficiency of blockchain technology, comparing the two main consensus mechanisms, Proof-of-Work (PoW) and Proof-of-Stake (PoS). The PoS is much more energy efficient and less costly than PoW, making it an ideal option for developing blockchain technology.  However, this does not mean that the sustainability discussion can be reduced to energy consumption alone. Blockchain technology has the potential to revolutionize many industries, from finance to public administration and beyond. As blockchain technology is adopted by more and more businesses and organizations, a key question remains - how can we ensure that it is used in a sustainable way?