Can blockchain be used without cryptocurrency?

A blockchain with out cryptocurrency is a distributed ledger that shops knowledge related to nonfungible tokens (NFTs), provide chain initiatives, the Metaverse and extra.

Though Bitcoin (BTC) is essentially the most identified utility of a decentralized ledger or blockchain, there may be a variety of different makes use of of blockchain expertise. As an example, blockchain expertise could be utilized in numerous monetary providers together with remittances, digital belongings and on-line funds as a result of it allows funds to be settled with out a financial institution or different intermediary.

Moreover, the subsequent era of web interplay techniques together with good contracts, fame techniques, public providers, the Web of Issues (IoT) and safety providers are amongst blockchain expertise’s most promising purposes. 

A blockchain with out cryptocurrency refers to a distributed ledger that retains observe of the standing of a shared database throughout quite a few customers. The database can embrace the historical past of cryptocurrency transactions or confidential voting knowledge associated to elections, for instance, that can’t be up to date or deleted as soon as added.

Due to this fact, blockchain expertise isn’t solely related to cryptocurrencies. Blockchain, nevertheless, is especially involved with the decentralized storage of data and the consensus of specific digital belongings, which might or can’t be cryptocurrencies. So, can blockchain be used for something?

Ideally, blockchain expertise has the potential to switch enterprise fashions that depend on third events and centralized techniques for belief. As an example, NFTs had been initially launched on the Ethereum community in late 2017 and are one of many disruptive improvements primarily based on blockchain — past cryptocurrencies — that affect mental property. Nevertheless, pay attention to the dangers and returns related to NFTs earlier than making any investments.