With the rise of new technologies, the blockchain will be among the key drivers for new forms of transactions, interactions, socialization and content consumption in the years to come. The Metaverse, a shared virtual environment where individuals can socialize, interact, and conduct business, relies heavily on blockchain technology to enable peer-to-peer (P2P) exchanges and share decision making. Blockchain is the underlying technology that keeps a distributed ledger of all transactions in the Metaverse. This shared, immutable record provides the framework for creating ‘trustless’ digital relationships and transactions. Each transaction made in the Metaverse is recorded via the blockchain, providing a complete history of all activity to ensure transparency and security. This also enables the development of unique identity verification systems and voting authentication mechanisms to facilitate the governance of decentralized autonomous organizations (DAO). Blockchains also allow the development of decentralized applications (dApps), which deliver a wide range of services and experiences in the Metaverse from virtual worlds and gaming to social media and eCommerce.
Read more : Which Blockchains are Behind the Top Metaverse Platforms?
