Source Blockchain technology came into prominence with cryptocurrency; however, it has greatly benefited different fields. One area that is currently leveraging the special characteristics of blockchain technology is non-fungible tokens (NFTs). Some people indeed believe that NFT is a bubble that will soon burst while others think that it has come to stay; by any standard, however, the fact that more than $2 billion was spent on non-fungible tokens, or NFTs, in Q1 of 2021, which represents an increase of about 2,100% from Q4 2020, makes it an important economic contribution globally, and cannot be put aside. The bubble on NFTs becomes more interesting if we take into consideration that the revenue from NBA Top Shot, which was said to have hit $472 million in Q1, wasn’t included in the figure above. Also, the staggering $69.3 million spent on an NFT from Beeple wasn’t taken into consideration before coming up with the amount. What is a non-fungible token (NFT)? A non-fungible token is a crypto token that is indivisible and unique. An NFT exists on a blockchain, which is a decentralized, unregulated, and distributed public ledger that records transactions. Though an NFT is built on smart contracts just like ETH…
Tag: Ethereum
Blockchain Technology: How Tokens Will Change Healthcare
Image by Tumisu from Pixabay Blockchain technology has finally arrived and cryptocurrencies are becoming widely recognized and appreciated by the larger public. With this success, we’ve seen the price of ethereum and bitcoin reach new historical heights. Investors are flocking the market to buy bitcoin with a credit card or any other means at their disposal. However, many people are still unfamiliar with the technology that made cryptocurrencies possible. Since the release of bitcoin, blockchain technology has progressed by leaps and bounds. What was initially just a vessel for transferring digital cash over the internet has evolved into a trillion-dollar industry, with applications in a wide range of niches. In this article, we explore how advancements and applications of blockchain technology can improve healthcare, one of the most essential industries to human survival. First, let’s explore some of the basic properties of the tech, for those unfamiliar with its advantages. What is blockchain? We were first introduced to blockchain technology way back in 2009, with the release of the original cryptocurrency, bitcoin. It was originally intended for the exchange of digital cash in a decentralized manner, directly from one user to another. The distributed ledger of the blockchain records all the transactions on…