<abstract xmlns="http://www.w3.org/1999/xhtml">

<sec><h3>Background</h3><p>Blockchain technology has gained a great public interest due to the appearance of cryptocurrencies, a digital asset used for exchanging funds. Although blockchain calculations offer the benefits of security and reduced costs, blockchain is still strongly criticised for its lack of usefulness and resource-heavy consumption.</p></sec>
<sec><h3>Objectives</h3><p>The aim of this research is to provide different insights into blockchain technology and to propose NP-complete problems as a suitable alternative to the current consensus algorithm.</p></sec>
<sec><h3>Methods/approach</h3><p>This research discusses the current state of proposed alternatives, projects such as distributed volunteering for scientific purposes and different consensus algorithms within cryptocurrencies but focusing on incorporating NP-complete problems as a secondary, more useful option.</p></sec>
<sec><h3>Results</h3><p>Using the properties of NP-complete problems, it is possible to solve various problems in different areas, such as science, biology, medicine and finance, but also to improve business processes, optimize markets, payments and supply chains while decreasing environmental costs.</p></sec>
<sec><h3>Conclusions</h3><p>This paper shows that the alternative mechanisms are being developed and used to substitute an existing Blockchain algorithm with a more efficient one. It also suggests further investigation in this area because the alternatives greatly improve blockchain’s usability and efficiency.</p></sec>
</abstract>

BackgroundBlockchain technology has gained a great public interest due to the appearance of cryptocurrencies, a digital asset used for exchanging funds. Although blockchain calculations offer the benefits of security and reduced costs, blockchain is still strongly criticised for its lack of usefulness and resource-heavy consumption.
ObjectivesThe aim of this research is to provide different insights into blockchain technology and to propose NP-complete problems as a suitable alternative to the current consensus algorithm.
Methods/approachThis research discusses the current state of proposed alternatives, projects such as distributed volunteering for scientific purposes and different consensus algorithms within cryptocurrencies but focusing on incorporating NP-complete problems as a secondary, more useful option.
ResultsUsing the properties of NP-complete problems, it is possible to solve various problems in different areas, such as science, biology, medicine and finance, but also to improve business processes, optimize markets, payments and supply chains while decreasing environmental costs.
ConclusionsThis paper shows that the alternative mechanisms are being developed and used to substitute an existing Blockchain algorithm with a more efficient one. It also suggests further investigation in this area because the alternatives greatly improve blockchain’s usability and efficiency.

Optimizing the Resource Consumption of Blockchain Technology in Business Systems

Faculty of Humanities and Social Sciences

Business Systems Research Journal

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Optimizing the Resource Consumption of Blockchain Technology in Business Systems"}

BackgroundBlockchain technology has gained a great public interest due to the appearance of cryptocurrencies, a digital asset used for exchanging funds....

Optimizing the Resource Consumption of Blockchain Technology in Business Systems

Article Category: Research article

Published Online: Dec 03, 2020

Page range: 78 - 92

Received: Dec 15, 2019

Accepted: Apr 19, 2020

DOI: https://doi.org/10.2478/bsrj-2020-0028

Keywords
blockchain, proof of work, optimization, problem-solving, NP-complete problems

© 2020 Vedran Juričić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Optimizing the Resource Consumption of Blockchain Technology in Business Systems

Article Category: Research article

Published Online: Dec 03, 2020

Page range: 78 - 92

Received: Dec 15, 2019

Accepted: Apr 19, 2020

DOI: https://doi.org/10.2478/bsrj-2020-0028

Keywordsblockchain, proof of work, optimization, problem-solving, NP-complete problems

© 2020 Vedran Juričić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
blockchain, proof of work, optimization, problem-solving, NP-complete problems