Prospect Analysis for Utilization of Virtual Assets using Blockchain Technology

Abstract

Blockchain is a decentralized network in which data blocks are linked. Through a decentralized peer-to-peer network, users can create shared databases, resulting in a trustworthy and aggregated database known as a blockchain that enhances reliability and security. The distributed nature of the blockchain enables data to be stored on multiple nodes, eliminating the need for a central server or platform. This disintermediation significantly reduces the transaction and administrative costs. The blockchain is particularly valuable in applications where reliability and stability are critical because it establishes an open database that ensures data integrity, making it virtually impossible to tamper with or falsify data. This study explores the diverse applications of the blockchain technology in virtual assets, such as cryptocurrency, decentralized finance, central bank digital currency, nonfungible tokens, and metaverses. In addition, it analyzes the potential prospects and developments driven by these innovative technologies.