A cryptocurrency-free blockchain is a distributed ledger that stores data associated with non-fungible tokens (NFTs), supply chain initiatives, the Metaverse, and more.
Although Bitcoin (BTC) is the most well-known application of a decentralized ledger, or blockchain, there are a variety of other applications of blockchain technology. For example, blockchain technology can be used in various financial services, including remittances, digital assets, and online payments, as it allows payments to be processed without going through a bank or other intermediary.
In addition, the next-generation Internet interaction systems, including smart contracts, reputation systems, public services, the Internet of Things (IoT), and security services, are among the most promising applications of blockchain technology.
A non-cryptocurrency blockchain refers to a distributed ledger that tracks the status of a common database for numerous users. For example, the database may contain the history of cryptocurrency transactions or confidential voting data related to elections, which once added cannot be updated or deleted.
Therefore, blockchain technology is not only relevant for cryptocurrencies. However, blockchain is mainly concerned with the decentralized storage of information and consensus of certain 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-party trust and centralized systems. For example, NFTs were first launched on the Ethereum network in late 2017 and are one of the disruptive blockchain-based innovations – beyond cryptocurrencies – impacting intellectual property. However, before making any investments, be aware of the risks and rewards associated with NFTs.