Blockchain & Metaverse.pptx

BLOCKCHAIN & METAVERSE EMERGING TECHNOLOGIES AND FRAMEWORKS  AGENDA BLOCKCHAIN METAVERSE Introduction to Blockchain Introduction to Metaverse How Blockchain works Power of Technologies Centralization vs...

BLOCKCHAIN & METAVERSE EMERGING TECHNOLOGIES AND FRAMEWORKS  AGENDA BLOCKCHAIN METAVERSE Introduction to Blockchain Introduction to Metaverse How Blockchain works Power of Technologies Centralization vs Decentralization Current state Blockchain vs Bitcoin Research avenues Real-world examples and Applications Challenges and Limitations  BLOCKCHAIN OVERVIEW A blockchain is a distributed database or ledger shared among a computer network's nodes. They are best known for their crucial role in cryptocurrency systems for maintaining a secure and decentralized record of transactions, but they are not limited to cryptocurrency uses. Blockchain can be used to make data in any industry immutable —the term used to describe the inability to be altered.  HOW BLOCKCHAIN WORKS 1. BLOCKCHAIN STRUCTURE: Blockchain is a decentralized database where data is stored across multiple machines, ensuring transparency and security through distributed ledger technology. 2. TRANSACTION PROCESS: Transactions on a blockchain follow a defined process, involving initiation, storage in a memory pool, block closure, encryption, and validation through mining or other consensus mechanisms. 3. PROOF-OF-WORK AND CONFIRMATION: Proof-of-work, such as mining, is employed to validate blocks by solving cryptographic puzzles, ensuring the integrity of the blockchain.  BLOCKCHAIN DECENTRALIZATION Blockchain distributes database data across multiple network nodes, ensuring redundancy and data fidelity. Altering a record in one instance of the database is prevented by other nodes, maintaining the integrity of the information. No single node within the network can unilaterally alter the stored information, enhancing security and trust. BITCOIN VS BLOCKCHAIN  BLOCKCHAIN APPLICATIONS 1. FINANCIAL SERVICES: Blockchain facilitates real-time transactions, simplifies operations, and executes smart contracts, enhancing efficiency and automation in financial processes. 2. RETAIL AND LUXURY RESALE: Retailers leverage blockchain for NFTs to engage customers and certify the authenticity of luxury resale products, fostering trust and transparency. 3. MARKETING, ADVERTISING, AND HEALTHCARE: Blockchain enhances security and transparency in marketing, reduces fraud in digital ad buying, and improves healthcare processes such as payment processing and data security, optimizing operational efficiency and patient care.  BLOCKCHAIN LIMITATIONS 1. SCALABILITY CHALLENGES: Public blockchains struggle with limited transaction processing, hindering speed and affordability, a key obstacle for widespread blockchain adoption. 2. ENERGY CONSUMPTION CONCERNS: Blockchain's energy-intensive operations, especially in Bitcoin mining, raise environmental alarms, necessitating exploration of greener consensus mechanisms. 3. INTEROPERABILITY HURDLES: Diverse blockchain protocols impede seamless network interaction, constraining the technology's potential and data integration. 4. REGULATORY UNCERTAINTY: Evolving regulations and anonymity concerns inhibit blockchain adoption, demanding a balanced approach for innovation and compliance to foster BLOCKCHAIN SIMPLIFIED METAVE RSE  INTRODUCTION TO METAVERSE The Metaverse is a 3D virtual world where users can connect, engage, and experience real-world activities through technologies like VR, AR, NFTs, and cryptocurrencies. Digital avatars enhanced with VR/AR provide users with a sense of presence, enabling interaction within the virtual environment.  ORIGIN AND DEFINITION Coined from "meta-" meaning "beyond" and "verse" from "universe," the term "Metaverse" was first introduced by Neal Stephenson in his 1992 book "Snow Crash“. The Metaverse encompasses virtual interactions that can impact both the physical world and the internet, serving as a virtual reality space for socializing, gaming, and work.  FEATURES AND FUNCTIONS The primary goal of the Metaverse is to facilitate social interaction, leveraging permanent virtual worlds, blockchain technology, and augmented reality. Users can replicate real-life activities within the Metaverse, including owning digital assets and properties, with seamless mobility between virtual locations.  TECHNOLOGIES IN METAVERSE HIGH-SPEED NETWORKS: The Metaverse relies on robust 5G & 6G networks for transmitting high-quality streaming data and content efficiently. ACCESS DEVICES: Augmented reality, virtual reality, and mixed reality devices are essential for fully experiencing Metaverse applications, offering immersive interaction and engagement. DIVERSE PROTOCOLS: Applications and content delivery systems within the Metaverse are built on a variety of protocols and languages, ensuring compatibility and interoperability across platforms. BLOCKCHAIN-BASED MARKETPLACES: Metaverse features blockchain-based marketplaces where cryptocurrency users can buy and sell virtual goods and property using NFTs, fostering a decentralized economy within the virtual realm.  THE FUTURE OF METAVERSE ADVANCING INVESTMENT IN FUTURE TECHNOLOGIES: Continued investment in emerging technologies is expected to yield higher profits, driving innovation and development in sectors related to the metaverse. INCREASED USER ADOPTION: The number of individuals using metaverse technologies is projected to rise significantly by 2040, surpassing current usage levels, indicating broader societal acceptance and integration. PANDEMIC-DRIVEN TECHNOLOGICAL ACCELERATION: The pandemic accelerated the adoption of cutting-edge tools and technologies, particularly in sectors like healthcare, business, and education, highlighting the transformative potential of metaverse applications in various domains. UNLIMITED POTENTIAL OF AR AND VR: Augmented Reality (AR) and Virtual Reality (VR) offer boundless possibilities for creativity and innovation, promising METAVERSE SIMPLIFIED