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Can blockchain be used without cryptocurrency?

Published on

January 31, 2023
Read Time:1 Minute, 26 Second

A cryptocurrency-free blockchain is a distributed ledger that shops knowledge related to non-fungible tokens (NFTs), provide chain initiatives, the Metaverse, and extra.

Though Bitcoin (BTC) is probably the most well-known utility of a decentralized ledger, or blockchain, there are a selection of different purposes of blockchain expertise. For instance, blockchain expertise can be utilized in numerous monetary providers, together with remittances, digital property, and on-line funds, because it permits funds to be processed with out going by means of a financial institution or different middleman.

As well as, the next-generation Web interplay programs, together with good contracts, status programs, public providers, the Web of Issues (IoT), and safety providers, are among the many most promising purposes of blockchain expertise.

A non-cryptocurrency blockchain refers to a distributed ledger that tracks the standing of a typical database for quite a few customers. For instance, the database could include the historical past of cryptocurrency transactions or confidential voting knowledge associated to elections, which as soon as added can't be up to date or deleted.

Due to this fact, blockchain expertise will not be solely related for cryptocurrencies. Nevertheless, blockchain is especially involved with the decentralized storage of data and consensus of sure digital property, which can or might not be cryptocurrencies. So, can blockchain be used for something?

Ideally, blockchain expertise has the potential to interchange enterprise fashions that depend on third-party belief and centralized programs. For instance, NFTs had been first launched on the Ethereum community in late 2017 and are one of many disruptive blockchain-based improvements – past cryptocurrencies – impacting mental property. Nevertheless, earlier than making any investments, concentrate on the dangers and rewards related to NFTs.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 31, 2023
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