The future is... decentralized?! What is behind the blockchain?
Why is the Blockchain so revolutionary? Nowadays, transactions are mainly organized by intermediaries and third parties, such as Paypal or your house bank. Through the Blockchain, this process can be automated and thus processed faster. A day thus becomes a few seconds. The transparent representation of transactions and the decentralized recording of them, should give the trading partners the mutual security that would otherwise only have been possible through traditional payments. This new type of finance is called "Decentralized Finance" - DeFi for short.
Possible uses of blockchains!
Non-fungible tokens, or NFTs for short, are another function. There is a similar logic behind them as behind cryptocurrencies. They are also tokens that are located on a blockchain and can be traded. NFTs can be certificates, birth certificates, vaccination certificates, but also art and digital objects.
In addition, all the companies needed to build a car, meaning all the raw material suppliers, subcontractors, logistics companies, and ultimately the manufacturers of the cars, can organize themselves in a common blockchain. This will allow supply chains to be better tracked and data to be shared more efficiently.
What does the Metaverse have to do with blockchains?
At the latest since Facebook renamed itself Meta, the Metaverse has reached the mainstream. Broadly speaking, the term metaverse refers to a virtual space or world where people can interact with each other using virtual reality technology and avatars. Blockchain also plays a role here, enabling items, avatars, or even digital homes to be traded using NFTs.
If you want to learn more about the topic, we've written a short video and blog post on the subject. You can find it here: https://bit.ly/3BcqzcK
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