Smart Blockchain; Features and Specifications

November 2018

We have come up with a new way to stop all mining operations by miners and block producers in Blockchain networks such as Bitcoin and Ethereum and all their task can be put in a smart contract. As you probably know, the electricity consumption of one single bitcoin’s transaction is 200,000 times more than electricity consumption of a one single VISA card’s transaction, and in our approach, power consumption will be similar to VISA card’s transactions and in total over 50TWh will be saving per year.

In our approach, called the Smart Blockchain, there are one or more BPSC smart contracts for producing blocks into a decentralized network, and no successful transaction is performed without its involvement. For a successful transaction in the network, first, the sender must send the cryptocurrency to the wallet of BPSC and then BPSC sends cryptocurrency automatically to the receiver. This simple action has led the BPSC to have all network transactions’ data accurately and flawlessly and then as an accurate and trust financial institution, record transactions’ data into a new block and add a new block to the end of the Blockchain.

In Blockchain Networks, no financial institution is responsible for the ledger and transaction’s data, meanwhile, people and miners do not trust or even know each other. For this reason, in order to prevent fraud and double spending, … miners have to add new blocks to Blockchain competitively and collaboratively and unfortunately by spending enormous electricity consumption so that no complaint can be made. But in Smart Blockchain, BPSC’s data is flawless, since it is recorded during a transaction without human interference, and no longer there is no need to involve miners and block producers. There’s certainly no task for miners and block producers.

The research published in Nature Climate Change (October 2018) even suggested that Bitcoin mining alone could push global warming “above 2 °C within less than three decades“. Certainly, it is a significant environmental issue, but in terms of technique and implementation, Smart Blockchain can quickly solve this big problem, and even reduce the cost and existing inconvenience, may result to boost the Blockchain technology, as well as developing a variety of smart contracts. For more information about Smart Blockchain, you can read our recent articles on Medium.

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