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The green revolution of blockchain? | White & Case LLP

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As current blockchain technology faces accusations of inefficiency and unsustainability, a new technology is finding its way to counteract them.

Blockchain

Crypto blockchains are a highly discussed topic. Blockchain is used by many cryptographic networks (e.g. Bitcoin and Ethereum) to enable different transactions. In this context, transactions are cryptographically signed instructions from participants of the network to update the state of the network. The simplest transaction is transferring the cryptographic value, known as coins from one account to another. A blockchain can be described as a chronological concatenation of blocks. These blocks contain various data. For example, information about the transaction itself, the creation date and other information necessary for the creation and transaction. These blocks are linked together, creating what is known as the blockchain.1

Original Blockchain technology

To create such a blockchain, so-called ‘miners’ are required. These miners are users of the respective blockchain that expand the chain by creating new blocks. It is…

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