Blockchain new technology of trust

If the last 18 months have taught us anything it's 1 we can be more remote and still get things done and 2 it's more important than ever to be connected. However, being connected across a much more distributed network — whether we're talking people, geography or tech — does have its challenges. Linking teams and systems more closely is undoubtedly a positive thing for companies to be doing, but it must be done with an understanding of some of the pitfalls, in order to avoid them. Security is the biggest risk of becoming more distributed.

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Content:

• Chapter 01
• Blockchain, a revolution of trust
• Distributed Ledger Technology (Blockchain)
• What is blockchain?
• Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform
• Navigation
• Blockchain Technology’s Applications in the Retail Industry
• How marketers will use blockchain technology and NFTs in 2022 for identity, branding and engagement

WATCH RELATED VIDEO: Trust, Technology, and Blockchain.

Chapter 01

With new technologies related to the development of computers, graphics, and hardware, the virtual world has become a reality. As COVID spreads around the world, the demand for virtual reality increases, and the industry represented by the Metaverse is developing. In the Metaverse, a virtual world that transcends reality, artificial intelligence and blockchain technology are being combined.

This chapter explains how artificial intelligence and blockchain can affect the Metaverse. Advances in the Convergence of Blockchain and Artificial Intelligence. The Acceleration Studies Foundation ASF , a non-profit technology research organization, classified the Metaverse into the following four categories: a virtual world that experiences a flawless virtual story, a mirror world that reflects the current real world, an augmented reality that shows a mixture of augmented information in the real world and life logging, which captures and stores everyday information about people and things [ 1 ].

With the development of technology, the number of people who use the Metaverse increases, and as activities at the same level as reality are performed, various and a lot of data are being generated. Data generated in the metaverse has value in itself. In the Metaverse, the amount of data increases, the value increases, and the importance of reliability and security is increasing. Blockchain technology is required to guarantee the reliability of data in the Metaverse, and artificial intelligence is used to secure the diversity and rich content of the Metaverse.

The contents will be developed in the following order. In this chapter, under the theme of the Metaverse, we will look into the issues of human instinct for creation in the virtual world, the phenomenon in which the real and the virtual are combined in the virtual world, and the reliability of data in this virtual world.

Blockchain and NFT technologies are described as trust technologies. And the Metaverse platform built on the basis of this technology will be described.

Basically, we will understand the interface between blockchain and artificial intelligence, and look at how a better world is created by combining blockchain and artificial intelligence in Metaverse. Humans have an instinct for creation, and this creativity is an important factor that distinguishes humans from other animals.

The creativity of human beings has been creating the culture. The paper published in described the SeaCircle as the new concept of the culture, and it regarded the SeaCircle as human cultural activities for creating. In the concept of the SeaCircle, humans are the spiritual beings, and only humans constitute a culture. It explains the elements of insight of culture [ 2 ]. According to the SeaCircle theory, creativity is explained as an element of Open Mind and Spirit [ 3 ].

On the SeaCircle concept, the Metaverse can be interpreted as a space that allows people to be more immersed in creative activities by resolving some of the constraints on space and resources. Recently, the virtual world and the real world have been developed in convergence. The First and Second Industrial Revolutions were the process of maximizing efficiency through division of labor, so the production of materials and the consumption of materials were separated.

In the Third Industrial Revolution, as online transactions are actively conducted, data has become an important commodity, and offline transactions are gradually being replaced by online.

In the Firth Industrial Revolution, an intelligent revolution is occurring as things and humans become hyper-connected. There is a convergence phenomenon in which production and consumption occur at the same time, such as social customization or digital DIY Design It Yourself.

The Forth Industrial Revolution is creating a convergence world where offline and online meet. This convergence is being created in manufacturing, logistics, finance, automotive, sports, healthcare, education, food and everyday life. In addition, as the problems of material production and supply were solved in the First, Second, and the Third Industrial Revolutions, and interest in human personal desire and spirit increased in the Forth Industrial Revolution stage, a new convergence between offline world and online world are being created [ 4 ].

Political, economic, social, and cultural interactions appear in the Metaverse, which seems to mimic the real world. Figure 1 shows the process of interworking and convergence between the real world and the Metaverse [ 4 ]. The Metaverse expresses an alternative world that cannot be achieved well in the real world. Relationship between the real world and the Metaverse. In Minecraft, a virtual reality game platform representing Metaverse, as it became difficult to go to school due to COVID, UC Berkeley students created a campus inside the Minecraft game and held an event to hold a virtual graduation ceremony [ 5 ].

The president, guest speakers, and graduates all participated as Minecraft characters, and even the tradition of throwing hats after graduation was reenacted in Minecraft. Roblox allows game developers to create games on the Roblox virtual platform instead of commuting to an offline office [ 6 ]. In Roblox, tokens are obtained in return for labor, and the tokens obtained in the game can be brought to the outside to be cashed. In Metaverse, numerous users can freely trade goods and services according to the currency and transaction method provided by the platform.

This means that money in the virtual world in units of bits can replace money in the real world. Co-creating a game in the space of the virtual world means replacing the space in the space of the real world. This means that activities in the real world are data in bits in the virtual space, and the importance and reliability of these data are emphasized. After the 4th industrial revolution, the virtual world has grown rapidly. The real thing has been converted into data from the virtual world, and the virtual world has even played a role in leading the real world.

Here, we have a question about the reliability of data about whether the real thing is becoming data accurately in the virtual world. In the virtual world, trust technology is emerging as an important issue. We can think of blockchain as one of these trust technologies. Blockchain can be said to be a technology that gives trust in transactions between individuals. A blockchain consists of blocks containing data and a chain that connects them.

It is a blockchain to create and connect blocks, and consensus algorithms are used in this process. Any of the nodes participating in the network can create blocks, but not all generated blocks are connected, and only one block is recognized and connected. Since only one block among many blocks is connected to the previous block and the remaining blocks are discarded, consensus among participating nodes to select one block is essential.

If it is recognized as a unique block by all nodes, the node that created the block will receive cryptocurrency as a reward. This action is called mining, and a blockchain connected only with blocks created by mining is called a Canonical Chain. Blockchain is developing and evolving as shown in Table 1 [ 9 ]. Blockchain 1. Blockchain 2. It made it possible to execute contracts with legal effect online only with computer code without a transaction intermediary. It is a period that showed the potential for development as an online trading platform.

Blockchain 3. In order to solve the problems of the previous blockchain, technological improvements such as changes in consensus algorithms, improvement of transaction processing speed, and in-house decision-making functions are being made [ 10 ].

While it is expected that artificial intelligence will be applied to more expanded fields in Blockchain 3. Ethereum is a platform network designed to operate various decentralized applications DApps , based on its own blockchain.

Among them, ERC is a protocol related to replaceable tokens, and ERC tokens have the same value and function and can be exchanged with each other. The Ethereum project is issuing tokens based on ERC and allowing investment and various businesses to take place. NFT guarantees uniqueness by keeping encrypted transaction history permanently on the blockchain. Each token has a unique recognition value, authenticating the ownership of digital assets and assigning a value to the transaction.

NFT has been mainly used to commemorate special moments or to collect digital assets, and recently it is creating a new digital content business by combining it with Metaverse. The Metaverse is a three-dimensional virtual space where social and economic activities are commonly used just like the real world. NFT plays a role of mediating interaction and proving private property within the Metaverse world.

It is a blockchain-based cat reproduction game. Game users are given only one cat in the world in CryptoKitties. Cat digital assets have a rarity because they contain a separate unique recognition value, unlike existing virtual assets. In general online games, when the service is terminated, there is a problem that the character developed in the game can no longer be owned.

However, digital assets with NFT technology can be distributed and stored by individual participants connected to the network to prove ownership. Decentraland implemented the concept of real estate in the Metaverse by combining virtual reality and blockchain technology [ 12 ]. Users can freely place buildings on land purchased from Decentraland, earn income by attaching billboards to buildings, or open exhibitions by collecting rare digital content.

Land ownership and other collectible items are ERC non-fungible tokens. These unique assets are made through Ethereum smart contracts and allow owners to prove ownership on the blockchain ledger. Cryptocurrency MANA can be purchased on exchanges and can also be used to purchase digital goods and services around the world.

Enjin Coin is a cryptocurrency project created for game item trading, and is an integrated platform for creating blockchain-based games. Enjin is a smart contract platform based on the Ethereum blockchain, and is a protocol and cryptocurrency that supports the crypto needed to create, manage, and implement virtual goods for game developers, content creators, and game communities.

Enjin Coin guarantees the ownership and currency value of game items used in all games. When Enjincoin is applied as a currency in Metaverse, it can be used not only as a currency in Metaverse, but also in the real world with the value of currency. Through the cognitive revolution, the agricultural revolution, and the scientific revolution, humans have entered the stage of connected intelligence, which uses the combined intelligence of humans and machines.

As in the movie The Matrix, a symbiotic relationship between humans and machines has begun, and artificial intelligence and blockchain technology are accelerating this. Artificial intelligence is reaching a stage where prediction and creation are possible through pattern recognition and learning using large amounts of data.

And artificial intelligence is helping people to reduce repetitive tasks and human errors. Blockchain technology has deeply entered our society as a digital asset and is developing into a safe and reliable transaction through decentralization. Artificial intelligence is the core of the Forth industrial revolution, and it can be integrated with blockchain technology to make both artificial intelligence and blockchain more powerful [ 13 ]. Artificial intelligence and blockchain can change business models and have a transformative impact on society.

Artificial intelligence has a centralized nature where data is centrally managed and stored, making it a target for hacking and manipulation, which can lead to data tampering. In addition, since the source and reliability of the source for generating data are not guaranteed, there are many errors and risks.

The blockchain capabilities of immutability, origin and control mechanisms have the potential to address the shortcomings of artificial intelligence and improve the accountability of trust, privacy issues and decisions. The combination of blockchain and artificial intelligence can help enable trusted digital analysis and decision-making on vast amounts of data.

And it can be used to create secure data sharing and make artificial intelligence explainable, as well as regulating trust between devices that cannot trust each other [ 13 ]. Integrity of blockchain data is guaranteed. However, the security of applications built on top of the blockchain platform is not secure. Also, when a new block is added to the blockchain and consensus of all nodes is required, a problem arises that it cannot be used efficiently in fields that require high speed.

Blockchain, a revolution of trust

Penfolds has become the first winemaker to partner with BlockBar, a leading non-fungible token NFT marketplace for luxury wine and spirits products, which is based on a secure blockchain that guarantees purchasers a historical record of numbered bottles from a numbered barrel of wine. Photo courtesy of Penfolds. During the past couple of years, blockchain technology has become easier to implement for even small- and medium-size participants, thanks to large suppliers like IBM providing specific application-based blockchain technology IBM Food Trust and Amazon Web Services providing backbone networking architectures. In addition, smaller blockchain providers now have dedicated applications that can trace food not only to the farm and field in which it originated, but the very seed as well, while also providing complete supply chain visibility for all participants, including consumers. Back then, large programming efforts were typically necessary to create a functional blockchain. Today, blockchain applications are becoming almost as easy to use as email.

Distributed Ledger Technology (Blockchain)

Your web browser needs to have JavaScript enabled to access features on this website and enjoy an optimal experience. There are no set answers, just individual solutions to specific challenges. Get the right solution for your business, delivered reliably by experts. Blockchain technology has given rise to a new platform for business relationships that combines ease of use, low cost and high security. It creates a new basis of trust for business transactions that could contribute to a considerable simplification and acceleration of the economy. Trust is the foundation of every business relationship. We also use intermediaries in our relationships, and they create trust and must have our trust.

What is blockchain?

A decade after its launch, blockchain is still the only internet-age technology that is able to facilitate online trust using mathematics and collective protocolling exclusively. The buzz around blockchain — from its initial release a decade ago until today — stems from the fact that it was the first technology to establish trust online via mathematics and collective protocolling alone. At Ericsson, we see significant value in blockchain technology as a trust enabler and potential disruptor that can enable completely new business models in the digital asset market. This Ericsson Technology Review article explains blockchain technology from an Ericsson perspective and shares the key insights we have gained from a number of promising private blockchain use cases we have evaluated both on our own and together with global telco and enterprise customers. The article also discusses potential future developments and business considerations.

Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform

VentureBeat Homepage. Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream. This article was contributed by Deepak Gupta, cofounder of LoginRadius, tech strategist, cybersecurity innovator, and author. While Artificial Intelligence AI contributes enormously to making human life better , it also raises questions of trustworthiness and reliability.

Navigation

Think of a database with information stored in blocks. These blocks can be copied and replicated on individual computers. All of these are identical and synced with one another. When someone adds or subtracts data, it changes the information across them all. Each one is just as secure as your online banking portal — nearly unhackable. Blockchain ledgers can incorporate a wide swath of documents, including loans, land titles, logistics manifests, and almost anything of value. Big Data information can be shared in a multi-verification environment that is perfect for real-time, secure information sharing.

Blockchain Technology’s Applications in the Retail Industry

Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy.

How marketers will use blockchain technology and NFTs in 2022 for identity, branding and engagement

Please update your browser. Remember dial-up internet? The grumbling-siren crescendo that signified your intent to surf the World Wide Web? Nearly 30 years later, we're a long way away from those initial forays. Today, nearly nine in ten Americans use the internet, and in our ever-expanding economy, cryptocurrency isn't an out of reach idea—it's reality.

All rights reserved. Last revised on August 27, Skip to main content. Global System for Sustainable Development. What is GSSD? New blockchain technologies offer a decentralized approach to trust - a problem that concerns personal data, finances, and transactions. The 21st century relied on a centralized model that is vulnerable to exclusion, falsification, corruption, and data breaches.

The new blockchain technology redefines the way how transactions are happening through internet. Blockchain has the potential to change the way we buy and sell, interact with government, and verify the authenticity of everything from property to organic vegetables. Blockchain gives everyone a safer and faster way to verify key information and establish trust.