What comment can be made on this? Blockchain also extends beyond just cryptocurrency, as it introduces an independently-verifiable form of digital ownership, which unlike other similar technology does not require any third-party involvement at all. This in turn creates scarcity in the digital world, which has led some to refer to Bitcoin as digital gold, since it is able to serve a similar purpose as a store of value. As more digital commodities and other applications utilize blockchain technology, more digital stores of value such as NFTs become possible and these tools are quickly becoming more common. Because cryptocurrency is already part of a software system, it is very easy to use and integrate for various types of more complex transactions such as escrow, trust, etc. and have it handled entirely in software, which allows for faster and more reliable transactions (Hougan & Lawant, 2021).
What comment can be made on this?
Blockchain also extends beyond just cryptocurrency, as it introduces an independently-verifiable form of digital ownership, which unlike other similar technology does not require any third-party involvement at all. This in turn creates scarcity in the digital world, which has led some to refer to Bitcoin as digital gold, since it is able to serve a similar purpose as a store of value. As more digital commodities and other applications utilize blockchain technology, more digital stores of value such as NFTs become possible and these tools are quickly becoming more common. Because cryptocurrency is already part of a software system, it is very easy to use and integrate for various types of more complex transactions such as escrow, trust, etc. and have it handled entirely in software, which allows for faster and more reliable transactions (Hougan & Lawant, 2021).
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