What is blockchain? Versity's definition

8/14/2022
versity metavers blockchain nft

 

 

It's impossible to talk about metavers and NFTs without discussing blockchain, which is at the root of everything. Versity tells you more about this revolutionary technology and its evolution.


The definition of blockchain

Blockchain is a technology for transmitting and storing information that takes the form of a one-of-a-kind database.

It is shared concurrently with all of its users and is not dependent on any central authority.

Are its main advantages? Its speed and security, which allow value to be stored and transferred via the Internet without the need for a centralized intermediary.

  

Blockchain: how does it work?

People or companies called "miners" prepare to use the processing capacity of their computers to perform the calculations required to run a blockchain.

With this computing capacity, the legitimacy of all transactions recorded in a blockchain can be verified.

In exchange for their processing power, these miners are paid in crypto-currencies.


By ensuring the reliability of the entire network, the thousands of miners allow a blockchain to establish trust between two parties without the intervention of a third party.

 

How does the blockchain system work?

The "drivers" would no longer depend on a company, but on a computer system that could be configured according to their needs and that would oversee all the procedures essential to their work. Money could flow from the customers' wallets to the drivers' wallets without an intermediary. 

 

With this level of protection, we wouldn't need to pay anyone a commission. There is no way to alter the ledger because it is identically duplicated on every device connected to this network and is not controlled by a company.   
 

 

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Now imagine a computer with an artist's video on it. We could track the original video, not a copy published by anyone, if the artist had put it in the form of an NFT.


The same system could then be implemented for official documents, including diplomas, medical records, passports, deeds of sale of property, contracts, etc. With proof that these documents are legitimate, we could access them online.   
 

Let's even consider applying this technology in countries where public trust in government is not very good. Where "land" recognition is relatively difficult, the technology is already being used as a land registry, allowing anyone to learn who owns a piece of land.

 

Let's talk about smart contracts, which can automatically perform specific tasks. We could, for example, launch a new AirBnB. The technology could be set up to unlock the property once the money is received, by sending an electronic key to the tenant's smartphone.   

 

Blockchain: the refund procedure 

Another example: We can set up automated refunds, for example, in case of a flight cancellation or delay. Without contacting support, a partial refund or compensation procedure can be initiated if the flight is delayed by more than three hours.


These examples show how we can benefit in different ways in our daily lives, without focusing solely on crypto-currencies. In addition, it is a technology that aims to empower citizens a bit more while putting pressure on companies, especially the larger ones, to be more open.


 

Eager to discover more about web 3? Check out our article on the topic.