Unleashing the true potential of blockchain technology

Anyone interested in emerging technology will undoubtedly be familiar with artificial intelligence (AI), the metaverse, and Web3.

A few years ago, these were buzzwords, but now developers and builders are beginning to figure out what they will look like and how blockchain technology will be essential in making them work.

To understand why a scalable utility blockchain will be necessary for these concepts at scale, it helps to understand what a blockchain is: an immutable ledger or record of truth.

Data – the lynchpin for everything

Just as with the Internet today, data will be the key commodity in AI, the metaverse, and Web3.

AI models will only be as good as the data fed into them. Blockchains can help understand
where data came from, who it belongs to, its history, and more.

In the metaverse, data will be the key to everything. Think of the metaverse as an immersive internet: big firms like Meta (NASDAQ: META) will be keen to harvest every data point they can about users. Blockchains give the power back to the people: we’ll be able to understand better what data is being collected, who possesses it, and what they’re doing with it.

Web3 introduces an element of ownership to the Internet. Whereas today’s digital items can be copied, cloned, and deleted, in a Web3 world, digital items can be minted, stored, and transferred between parties. A scalable public blockchain will underpin digital value transfer as tokenization takes over.

In the end, all three of these concepts will likely merge somehow. AI, the metaverse, and Web3 will, at the very least, interplay and overlap, and they may merge into one new digital reality that’s barely conceivable today.

The blockchain mitigates the downsides

As with the Internet and mobile technology before them, these technologies will be double-edged swords. They’ll come with good sides and bad ones. Blockchain technology can help emphasize the good sides and mitigate the bad.

When it comes to AI, scalable blockchains can help with data provenance. Researchers will be able to check timestamped records showing a given piece of data’s history, including transfers, edits, and more. Furthermore, blockchains can lead to new data markets: AI researchers can utilize micropayments to unlock and access data they otherwise wouldn’t be able to use and reward owners for sharing their data.

The metaverse could either become a corporate-controlled walled garden, like the Internet today, or an open landscape empowering humanity. In the latter case, anyone can build and add to the metaverse, and everyone can own their data. This open metaverse could be fueled by micropayments rather than ads, and harmful or illegal actions (Metacrimes) could be disincentivized since records of interactions will be left on the blockchain.

The utility of blockchain technology is most easily grasped when applied to Web3. Non-fungible tokens (NFTs), tokens, and coins are already familiar to most, and the value of an immutable ledger to keep records of transactions is self-evident. However, the full scale of Web3 isn’t understood yet: a scalable blockchain will be required to timestamp records of everything from stock transfers to ownership of books and art issued as tokens.

Learn more at the London Blockchain Conference 2024

If you’re interested in blockchain technology’s utility and how it will integrate with emerging technologies like AI, the metaverse, and Web3, join us at this year’s London Blockchain Conference.

Taking place in ExCel London on May 21-23, the London Blockchain Conference will explore the fusion of blockchain, AI, and emerging technologies in detail. Panels and discussions will include:

• The Future of AI and Blockchain
• Why AI Needs Blockchain
• AI Automation in Blockchain Ecosystems
• Internet of Things and Blockchain: Building the Connected Future
• Economy of Things: transforming Industries with Blockchain and AI
• Blockchain and Edge Computing
• The Journey to Web 3.0

If these topics sound interesting, go ahead and secure a ticket to the London Blockchain Conference 2024. Everyone interested in the utility of blockchain technology is welcome!

Watch: Unbounded Capital Summit teaches value of scalable blockchain