With this comes problems , though . Crypto data mining has faced criticism for the amount of energy it consumes through the traditional Proof of Work ( PoW ) model employed by the likes of Bitcoin and other crypto networks .
However , the more energy-efficient Proof of Stake ( PoS ) mining model could be the way forward for financial institutions . Crypto trading platform Ethereum recently switched from the traditional PoW to a PoS model and reported a 99 % drop in the amount of energy needed to secure the network .
“ENSURING STANDARDISATION VIA SMART FINANCIAL CONTRACTS WILL ENABLE THINGS LIKE AN ENTIRE MORTGAGE PROCESS , INCLUDING THE UNDERLYING OBLIGATIONS , TO BE PLACED ON THE BLOCKCHAIN ”
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RALF KUBLI as possible BOARD MEMBER , THE CASPER ASSOCIATION
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