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Can blockchain be used without cryptocurrency?

by WOOWinvest
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Can blockchain be used without cryptocurrency?

A blockchain without cryptocurrency is a distributed ledger for storing data related to non-fungible tokens (NFTs), supply chain initiatives, Metaverse, and more.

Although Bitcoin (BTC) is the most widely known application of the decentralized ledger or blockchain, there are a wide range of other uses for blockchain technology. For example, blockchain technology can be used for a variety of financial services, including remittances, digital assets, and online payments, as it enables payments without banks or other intermediaries.

In addition, next-generation Internet interaction systems including smart contracts, reputation systems, public services, Internet of Things (IoT), and security services are the most promising applications of blockchain technology.

A blockchain without cryptocurrency refers to a distributed ledger that tracks the state of a database shared by numerous users. The database can include a history of cryptocurrency transactions or confidential election-related voting data, which cannot be updated or deleted once added, for example.

Therefore, blockchain technology is not only about cryptocurrencies. However, blockchain is primarily concerned with the decentralized storage of information and consensus on specific digital assets, which may or may not be cryptocurrencies. So, can blockchain be used for anything?

Ideally, blockchain technology has the potential to replace business models that rely on third parties and centralized trust systems. For example, NFTs, originally introduced on the Ethereum network in late 2017, are one of the disruptive innovations based on blockchain — beyond cryptocurrencies — affecting intellectual property. However, before making any investments, please be aware of the risks and rewards associated with NFTs.

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