The Energy Consumption of Blockchain Technology: Beyond Myth

When talking about blockchain technology in academia, business, and society, frequently generalizations are still heared about its – supposedly inherent – enormous energy consumption. This perception inevitably raises concerns about the further adoption of blockchain technology, a fact that inhibits...

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Bibliographic Details
Published in:Business & information systems engineering Vol. 62; no. 6; pp. 599 - 608
Main Authors: Sedlmeir, Johannes, Buhl, Hans Ulrich, Fridgen, Gilbert, Keller, Robert
Format: Journal Article
Language:English
Published: Wiesbaden Springer Fachmedien Wiesbaden 01.12.2020
Springer Nature B.V
Subjects:
Blockchain
Business and Management
Catchword
Cryptocurrency
Cryptography
Distributed ledger technology
Energy consumption
IT in Business
Sustainability
Energy consumption
Distributed ledger technology
Cryptocurrency
Sustainability
Blockchain
ISSN:1867-0202, 2363-7005, 1867-0202
Online Access:Get full text
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Summary:When talking about blockchain technology in academia, business, and society, frequently generalizations are still heared about its – supposedly inherent – enormous energy consumption. This perception inevitably raises concerns about the further adoption of blockchain technology, a fact that inhibits rapid uptake of what is widely considered to be a groundbreaking and disruptive innovation. However, blockchain technology is far from homogeneous, meaning that blanket statements about its energy consumption should be reviewed with care. The article is meant to bring clarity to the topic in a holistic fashion, looking beyond claims regarding the energy consumption of Bitcoin, which have, so far, dominated the discussion.
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ISSN:1867-0202
2363-7005
1867-0202
DOI:10.1007/s12599-020-00656-x