Blockchain is a technology that first debuted in 2008 and is fundamentally different from traditional financial processes employed by public sector institutions. With the advent of bitcoin, blockchain technology was introduced with the characteristic of decentralization. Technology advancement threatened existing financial methods because they were unsafe and prone to hacking. Thus, security was the primary key in terms of finance. However, the decentralized aspect of blockchain technology was not vulnerable to manipulations because it updates the ledger at regular intervals. Because of these benefits, blockchain technology has increasingly adapted to a segment of society, such as NFTs, financial exchanges, and metaverses.
A metaverse is a virtual 3D world that is designed to focus on social connections. It has not fully applied to our ordinary life yet, but it is taking a profound interest in society. Without blockchain technology, however, the metaverse would become unstable owing to flaws in many elements of centralized data storage. Specifically, blockchain provides immutable verification of virtual ownership, keeping users safe from unauthorized access. Therefore, blockchain technology is a leading technology capable of protecting possessions from attacks and stabilizing cryptocurrencies and metaverses, even though there are other technologies similar to blockchain.
Blockchain technology is in its prime as many businesses are going virtual. The prospects of blockchain have a lot of potential as the metaverse and cryptocurrencies are still advancing. Ultimately, blockchain technology could be replaced by other technologies in the distant future, but at this point, blockchain will continue to outperform other technologies in terms of cybersecurity, cryptocurrency, and metaverse.
Works Cited
“Blockchain.” BuiltIn, https://builtin.com/blockchain.
LeewayHertz. “Metaverse and How It Links to the Blockchain.” Medium, Javarevisited, 19 Jan. 2022, https://medium.com/javarevisited/metaverse-and-how-it-links-to-the-blockchain-3441d9a 4165c.
By. Brenson Ha