The blockchain refers to a data storage and transmission protocol based on an architecture of connected ‘blocks’. Cryptographer David Chaum first mentioned the concept of the blockchain in his 1982 dissertation, Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups, but at that time, the technology did not exist to make it viable.
It has only been in the last decade or so that blockchain technology has become popular worldwide, gaining from distributed computing systems and wide availability of computing power.
Today, blockchain is among the top emerging technologies for both consumer and enterprise use. According to Deloitte’s 2021 Global Blockchain Survey, 81 percent of organizations agree that blockchain technology is scalable and can go mainstream due to the current state of infrastructure environments.
How will this influence immersive technologies like augmented and virtual reality (AR/VR)? XR Today explores the significance of the blockchain to understand it in more detail.
Defining Blockchain
Blockchain is defined as a data storage and transmission system built on a distributed ledger, where the ledger comprises a growing list of records or blocks, each storing a data unit. The blocks are connected to each other using cryptography to ensure secure data transmission.
Blockchain technology could revolutionize financial transactions. In traditional transactions, there is a centralized sender and recipient with a regulatory body governing the terms and conditions.
Blockchain disrupts this pathway by introducing a distributed structure where each piece of transaction information is stored in a different computing node.
There is no centralized body and everyone involved in the blockchain transaction has transparent visibility into its pathway. In a way, it is similar to a peer-to-peer computing network.
Continue reading: https://www.xrtoday.com/mixed-reality/what-is-the-blockchain/
It has only been in the last decade or so that blockchain technology has become popular worldwide, gaining from distributed computing systems and wide availability of computing power.
Today, blockchain is among the top emerging technologies for both consumer and enterprise use. According to Deloitte’s 2021 Global Blockchain Survey, 81 percent of organizations agree that blockchain technology is scalable and can go mainstream due to the current state of infrastructure environments.
How will this influence immersive technologies like augmented and virtual reality (AR/VR)? XR Today explores the significance of the blockchain to understand it in more detail.
Defining Blockchain
Blockchain is defined as a data storage and transmission system built on a distributed ledger, where the ledger comprises a growing list of records or blocks, each storing a data unit. The blocks are connected to each other using cryptography to ensure secure data transmission.
Blockchain technology could revolutionize financial transactions. In traditional transactions, there is a centralized sender and recipient with a regulatory body governing the terms and conditions.
Blockchain disrupts this pathway by introducing a distributed structure where each piece of transaction information is stored in a different computing node.
There is no centralized body and everyone involved in the blockchain transaction has transparent visibility into its pathway. In a way, it is similar to a peer-to-peer computing network.
Continue reading: https://www.xrtoday.com/mixed-reality/what-is-the-blockchain/
