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Blockchain tech leads to greater metaverse applications

by Abigail Bautista

Blockchain Technology Moving Towards User-Friendly Approach, Experts Say

Experts in the blockchain industry have highlighted the development of blockchain technology towards a more user-friendly approach during an industry forum held in Shanghai. With the advent of Web3.0, individuals now have the ability to own digital identities and assets, marking a significant leap from the previous Web1.0 era, where online information search was the primary function. In the subsequent Web2.0 phase, users were able to share content with others. Now, Web3.0, supported by blockchain technology, serves as the infrastructure for the metaverse.

Li Chenxing, a young scientist from the Shanghai Tree-Graph Blockchain Research Institute, explained that the metaverse encompasses immersive experiences enabled by augmented reality and virtual reality. It also involves the virtual world’s representation of the real economy. However, Li pointed out a key issue regarding user rights in the metaverse.

According to Li, platforms leverage user data to generate significant economic value, but users often do not have the opportunity to fully enjoy or control that value. In response to this challenge, Li believes that the development of blockchain technology will focus on empowering individual users with more rights and control over their data and assets.

One notable blockchain project in this space is Conflux, developed by Tree-Graph. Since its inception in October 2020, Conflux has emerged as one of the top three third-generation public blockchains worldwide, with a user base of 24.7 million accounts. This achievement showcases the growing interest and adoption of blockchain technology in the global market.

In the Chinese context, the digital economy has reached an impressive 50.2 trillion yuan (approximately US$6.9 trillion) by the end of 2022, making China the second-largest digital economy in the world. Notably, this sector contributes 41.5 percent to the country’s overall GDP. As blockchain technology continues to evolve towards a more user-friendly approach, experts expect its impact on the digital economy to further accelerate.

The industry forum in Shanghai emphasized the importance of user-centric approaches in the blockchain space. By prioritizing individual rights and control over data and assets, blockchain technology can create a more equitable and inclusive digital ecosystem. Experts believe that with the proper development and implementation of blockchain solutions, users will secure greater benefits from the value generated by their own data within the metaverse and beyond.

Overall, the industry’s focus on enhancing user experience and expanding user rights within blockchain technology is a positive step forward. As the sector continues to evolve, it is crucial to ensure that technological advancements align with the needs and aspirations of end-users. With a user-friendly blockchain ecosystem, the potential for innovation and positive transformation in various industries is immense.

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