Certainly.
PoW is a very energy-inefficient (but secure) way of reaching consensus in a distributed system. You can use a number of other consensus algorithms to reach consensus, such as BFT, DAGs, and Proof of Stake.
Proof of Stake systems, for example, require no special hardware and don't use exorbitant energy, but are much trickier to prove the security of (and to prove security, you need to make assumptions about the network).