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An NFT is essentially a digital token representing a totally unique asset, such as a piece of fine art or real estate . When represented by an NFT, an asset can be easily traded digitally across the world on blockchain technology. NFT concert ticket s and plane tickets are already beginning to pull the technology away from solely being about art trading and into other practical use cases.
DeFi is a form of finance that removes central financial intermediaries to offer traditional financial instruments that utilize smart contracts on blockchains. users can bypass strict requirements of banks and engage in peer-to-peer lending with other people around the world.
In El Salvador, Bitcoin will become legal tender from September 2021, with President Nayib Bukele aiming to help the population send remittances internationally, among other uses. Before this, Venezuelan citizens have also adopted digital assets as a means to escape the hyperinflation of fiat currency. developing countries have been seen to spearhead the use of crypto currencies in an effort to bank large “unbanked” populations.
In the U.S. Congressman José Luis Ramón recently presented a bil to allow employees to receive their salary in cryptocurrencies.
In China, Non-cash payments are increasing by over 20% year on year , according to the People’s Bank of China.
The rise of massively influential blockchain applications are set to change how we communicate and operate as a society. Throughout the pandemic, we have seen innovative uses of blockchain technology to track vaccine cold storage and delivery and to store medical information and testing data .
will need to address issues such as interoperability between different blockchains. Right now, different blockchain applications and ecosystems are siloed, hindering mainstream adoption and scalability.
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