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.
Blockchain technology has become widely popular with the appearance of cryptocurrencies that use the decentralized nature of blockchain in order to exchange funds between their users. In order to verify various needed details during an exchange, consensus mechanisms are used which solve simple but exhaustive calculations. Such operations fulfil their primary goal of verifying, but are a common target of public disapproval due to massive energy consumption and lack of usefulness. This work discusses different approaches and consensus mechanisms with a more useful secondary function, especially focusing on NP-complete problems as mediators in solving complex and resource-heavy problems. A new way of approaching these problems can benefit many areas, like science, healthcare, government and finance, optimizing the current infrastructure and business processes like markets, transactions, insurances, payments and supply chains, or creating more secure, reliable and efficient environment.
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