Payment methods based on blockchain technology, called cryptocurrencies, are the future of monetary transactions. Crypto has created something of a gold rush and in many cases is seen as a speculative investment. But there is more potential in blockchain-based technologies. A blockchain allows information to be shared in an encrypted and decentralized manner. This can be applied not only to financial resources, but also to contracting, supply chain information, or the transmission of sensitive data in general.
Blockchain and crypto will gain importance in diverse areas of life and industries in the future. Emerging meta-worlds will largely operate on this basis. Decentraland, for example, is a world that sells virtual land to companies, that can build virtual buildings or advertise themselves there. The transparent and immutable nature of blockchain technology offers a number of advantages. Because the information is distributed and encrypted, it is difficult to hack and the data is transparently traceable. Thus, land ownership in metaworlds is clearly regulated and cannot be falsified.
Individual blocks of data are generated decentrally on various computers and then integrated into the blockchain. The required computing power is now so high that conventional computers are currently too weak for the production of blocks. This high computing power currently consumes a lot of electricity, which makes blockchain an unsustainable technology. But with technological progress, problems will be solved and further fields of application will emerge.
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