In a collaborative research effort by the AI and Robotics Institute at Near East University, an in-depth study has been conducted into the realm of blockchain technology, with a specific focus on its consensus mechanisms. This research illuminates the potential of blockchain in contributing significantly to Sustainable Development Goals (SDGs) centered around innovation and energy efficiency.
The core of blockchain technology lies in its consensus algorithms, essential for data security, integrity, and efficiency in decentralized networks. The study highlights the transformative impact of blockchain across various sectors, offering secure and transparent data management solutions.
A critical aspect of this research is the energy efficiency of blockchain systems, especially in the context of environmental sustainability. The study critiques the energy-intensive nature of the Proof of Work (PoW) mechanism and suggests more sustainable alternatives like Proof of Stake (PoS) and Delegated Proof of Stake (DPoS). These alternatives align with the goal of Affordable and Clean Energy by significantly reducing the energy demands of blockchain operations.
Additionally, the study emphasizes the role of blockchain in revolutionizing industries and infrastructures, contributing to the goal of Industry, Innovation, and Infrastructure. The versatility of blockchain extends to various fields such as healthcare, finance, and public administration, underlining its potential to drive innovation and build resilient infrastructures.
Through an in-depth analysis of different consensus algorithms and their attributes, such as fault tolerance, scalability, and security vulnerabilities, the research provides a comprehensive understanding of the technicalities and potential applications of blockchain technologies.
In conclusion, the research from Near East University presents blockchain, particularly its consensus mechanisms, as a vital contributor to sustainable development. By promoting energy-efficient practices and fostering innovation across industries, blockchain technology emerges as a key enabler in the journey towards a more secure, transparent, and sustainable global future.
For further details, access the original paper from the publisher’s link:
https://journals.sagepub.com/doi/full/10.1177/21582440231157584
