A blockchain is known as a distributed database that maintains all kinds of records. All transactions are stored in ‘blocks’ and once a block is completed, a new block is formed. The blocks are added linear and chronological order in a blockchain. These blocks are chained together through cryptography, thus making it nearly impossible for any individual to tamper with them without being detected. The blockchain technology works on certain principals and there are certain methods that are being followed to verify the authenticity of each transaction without involving any third party in it. These methods include Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA). In the Proof of work method the quantity of work done by the miner determines the probability of mining a block. Therefore, a vast amount of electricity and computer data is used by the miners for finding a solution. However, there are several concerns related to the Proof of Work mechanism. One of...