**7.3 Institutional adoption**

A significant challenge posed for the blockchain is its energy inefficiency. Multiple miners (nodes) are running and consuming energy in a non-optimal fashion. There are studies showing negative impact on energy consumption and carbon emissions from increase adoption of blockchains [17]. This will continue a major challenge in adoption majorly for large corporations and individuals with environmental conscience. However, technological advances such as Proof-of-Concept (PoC) to Proof-of-Stake (PoS) (PoS being a consensus method allowing users not to spend as much energy as needed in the PoC stage) will improve the energy consumption [18]. Ethereum blockchain is moving to PoS stage in September 2022 which is expected to reduce energy consumption and hence significant gas fees reduction. If there are positive technological advancements, agreed standards, and governance mechanisms, we will see an improved adoption from an institutional perspective.
