How Blockchain technology is shaping our world

If you’re only hearing about blockchain technology now, as you are reading this, congratulations on getting that internet set up! If you have heard about it before but cannot wrap your head around how it will impact your everyday life in the near future, this blog post has got you covered. Even if you have no interest in blockchains, be advised that the technology itself, for better and for worse, is very much interested in you. So, you might as well learn a few of the buzzwords and be prepared for the future they will offer.

Decentralization and Web 3.0

 You may not know much about this one. However, the first thing we need to think and talk about when it comes to blockchain technology is decentralization, which will bypass and potentially overthrow the traditional banking industry. With its public and peer-to-peer nature, which provides cost-efficient solutions, ease of transfer, and transparency, blockchain technology is a high-flying candidate for being the go-to system for money transfers. Web 3.0, which runs on public blockchains, also functions around similar core ideas of openness and promises to hand control of data over to the users, as opposed to the Big Tech corporations that dominate the current state of things in Web 2.0.

NFTs

 You might have heard about this one. Non-fungible tokens (NFTs, in short) are units of data that can be stored on blockchains. They are most common within the art and culture industry because they provide a new way of storing and trading artworks. However, since they also provide proof of ownership and origin and can be used to tokenize offline goods and values, they also have the potential to be used in other areas such as real estate.

The Metaverse

We are almost certain that you have heard about this one. The term itself was, in fact coined in 1992 in a science fiction novel titled Snow Crash written by Neal Stephenson. The main premise was an immersive 3D where users could work, play, and interact, which gradually came to life in the past few years following the advance of virtual reality, advanced reality, and other similar technologies. The speculation for the future is that with NFTs, gaming, payment methods, virtual real estate, and identity authentication, blockchain will be a driving force within the Metaverse.

After going through the basics, let’s get to the bottom line with a statement of honesty: these are highly complicated concepts, and fully grasping them would require a lot of effort and commitment. Then again, you do not need to understand all the maths or elements behind blockchain technology. What would be beneficial is learning some of the fundamentals and thinking about how your life and business would be affected by this phenomenon. Because rest assured – or be afraid, depending on how you view this technology – both will be impacted, one way or another!

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