Metaverse and the main technologies involved in it

Blockchain technology

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you are unable to delete or modify the chain without consensus from the network. Therefore, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The system has built-in mechanisms that prevent unauthorized transaction entries and create consistency in the shared view of these transactions.

Why is blockchain so important?

Traditional database technologies present several challenges for recording and validating financial transactions. For instance, consider the sale of a property. Once the money is exchanged, ownership of the property is transferred to the buyer. Individually, both the buyer and the seller can record the monetary transactions, but neither source can be trusted. The seller can easily claim they have not received the money even though they have, and likewise, the buyer can argue that they have paid the money despite the fact they have not.

To avoid potential legal issues, a trusted third party must supervise and validate transactions. The presence of this central authority not only complicates the transaction but also creates a single point of vulnerability. If the central database was compromised, both parties could suffer.

Blockchain mitigates such issues by creating a decentralized, tamper-proof system to record transactions. In the property transaction scenario, the blockchain creates one ledger each for the buyer and the seller. All transactions must be approved by both parties and are automatically updated in both of their ledgers in real-time. Any corruption in historical transactions will corrupt the entire ledger. These properties of blockchain technology have led to its use in various sectors, including the creation of digital currency like Bitcoin.

Smart contracts on blockchain

Smart contracts are digital contracts stored on a blockchain that is automatically executed when predetermined terms and conditions are met.

How do smart contracts work?

Smart contracts work by following a series of simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions when the predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. This means the transaction cannot be changed, and only parties who have been granted permission can see results.

Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the statements rules that govern those transactions, explore all possible exceptions, and define a framework for resolving conflicts. Some benefits of smart contracts are:

-Speed, efficiency, and accuracy: once a condition is met, the contract is executed immediately, and as they are digital and automated, there’s no paperwork to process and no time spent searching for errors resulting from manually filling in documents.

-Trust and transparency: as there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether the information has been altered for any benefit.

-Security: blockchain transaction records are encrypted, making these very hard to hack. As each record is connected to the previous and the subsequent records on a distributed ledger, hackers would have to change the entire chain to alter a single record.

-Savings: intermediaries' need is removed from the transaction process, so their associated time delays and fees.

This way, amongst all of its uses we’d like to point out that international trade is faster and more efficient than ever thanks to blockchain and smart contracts through the Blockchain platforms.

Programmable blockchain platforms

Blockchain becoming so popular has caused the creation of a lot of different platforms with the purpose of creating and programming blockchain.

These platforms allow the user to create applications using blockchain technology to increase the security of their operations and to make sure that the rules the user enforces are being followed. There are a lot of platforms to program blockchain, and businesses can choose depending on their interests, needs, and preferences.

One of the best platforms to program blockchain currently available is Ethereum

Ethereum

Ethereum is one of the oldest and most popular platforms used to create blockchain-based applications. It has gained popularity and usage since its initial release in 2013. It is well known for its smooth running and ability to transfer big amounts of data.

Parts of Ethereum

- Transactions: Ethereum blockchain covers a vast number of types of transactions. This makes it so that people from all around the world can use it.

- Ethereum virtual machine: this virtual machine works separately from the rest of the Ethereum platform, which provides the perfect space to test and create contracts without applying them to a real network. It also helps to identify errors and fix them in a safe way.

- ETH: this blockchain platform is one of the most established in the current business and it has even created its own digital currency called ETH. If you wanted to use their platform and blockchain technology you would have to pay for it like this. This currency works as a type of “fuel” to make the platform work.
One of the most important advantages that Ethereum offers is the big and committed community that it has. This means that if you are not acquainted with the platform there are going to be a lot of tutorials on the internet that would administrate the knowledge that you need. Another good attribute that Ethereum offers is that its transactions are immutable, this means that the data that has been written cannot be edited. This increases security and prevents hacking. Other good features include its speed and reliability.
In the world of sales, Ethereum is a very useful platform because it provides an excellent way to assign value to art, music, digital objects, etc...