As touched on above, what makes Bitcoin such an energy-intensive currency is the proof-of-work mining process required to mint new coins. Proof-of-work is competitive by nature, and the incentive model pushes miners to use as much processing power as possible.

Condo corporations may not be accepting cryptocurrencies as payment for maintenance fees yet, but blockchain-based applications could soon change how corporations manage contracts, monitor mechanical equipment and track their finances. For example, maintaining a major piece of equipment such as a chiller requires regular service visits from contractors. Every service call could be logged onto the blockchain, making it possible to implement smart contracts that would release payment once property management verified that the work on the chiller was complete.