\ Thermodynamic Analysis of Blockchain System

Thermodynamic Analysis of Blockchain System

Supervisor: Olcay

Reference:  TABS (Acronym)

Student: Merve Denli

Blockchain has been receiving a lot of attention after its invention in 2008 by Satoshi Nakamoto. Besides, the first application of electronic cash system being a bitcoin has already become very popular over the world. Actually, some people strongly believe that blockchain and its virtual currency system (i.e., bitcoin) will eventually replace today’s banking system in near future. Although this alternative and possibly futuristic banking system carries great advantages over today’s traditional banking system, there are several important concerns need to be addressed for blockchain and its virtual currency before becoming future’s electronic cash system.

One of the most significant concerns about blockchain and bitcoin is the use of high energy need for computational time required in cryptographic proof, mining and transactions processes. Therefore, in this project, you are asked to model energy requirement of blockchain and its virtual currency for a mid-size city. You need to understand techniques used in cryptographic proof and calculate power consumption need for various secure cryptographic proof methods. Furthermore, you are required to forecast the energy requirement for blockchain system operations and come up with a solution on how this energy need can be resolved. Discussion of possible refrigeration techniques of electronic components used for blockchain system operations is welcomed.

Work Description:

  • have knowledge of fundamental thermodynamics, refrigeration and heat transfer concepts.
  • needs to be interested in banking system.

Required Qualifications and Skills:

  • have interest in blockchain system.
  • should be able to model heat generation in blockchain system operations and provide possible refrigeration technique solutions.
  • requires programming skill and numerical analysis knowledge.