If blockchain technology is going to revolutionize how we transact with each other, computer scientists need to solve one big problem: It can consume way too much energy.
The original blockchain, which underlies bitcoin, runs on an algorithm that could eat up more energy than Argentina this year, Morgan Stanley estimated.
Innovators from top institutions such as M.I.T. and Cornell University and tech titans such as IBM and Intel are developing a number of "green" blockchain innovations to address demand by businesses for blockchain that streamlines transactions of all sorts. Blockchain can help automate transactions and records those transactions on a tamper-proof digital record available to all participants in a network.
Energy efficiency allows blockchain to scale for business needs, developers said. That means processing significantly more transactions per second at minimal cost, while accommodating an ever-expanding user base.