According to IBM, Blockchain refers to a distributed database of records or a public ledger of transactions that are executed and shared among networks to create a decentralised network. Any virtual asset can be tracked and traded using blockchain technology. Blockchain technology has been around for years. A report from Gartner, estimates that the blockchain exchange will facilitate US$2 trillion of goods and services by 2023. However, technology is just a tool and it's how we use it that counts.
For example, one of the most popular blockchain-based platforms, Ethereum, best known for its cryptocurrency (ETH), has developed a whole new use for the blockchain application - Smart contracts (Learn More). These are the fundamental building blocks of Ethereum.
Using the non-tamparable component of the scheme, Smart Contracts provide a highly trusted mechanism. Compared with traditional contracts, Smart Contracts cannot suffer from non-compliance by either party, and they are automatically executed when all agreed terms are met. In the words of Ethereum's website: Smart Contracts remove the need for trust.
Under such a mechanism, the first thing that comes to mind must be NFT, a Smart Contracts provide all the necessary conditions for NFT transactions. Ethereum is the most popular market for NFTs, and one of the most anticipated Ethereum projects is the Sandbox.
This is an Ethereum-based video game that is open for users to own a piece of the world in the form of NFTs.
As innovative and proactive companies, PCCW and HKT are the first Hong Kong-based communications, media, and technology (CMT) organisations to join the Sandbox metaverse. This means they can join a wonderful virtual world where everyone can build and monetize their gaming experiences within the Ethereum blockchain. (Source: Blockchain.news)
When building an enterprise blockchain application, it’s important to consider security at all layers of the technology stack, and how to manage governance and permissions for the network. Everything comes in and goes out through your network. So, building a "Security First Network" is the top priority. The "security first" mindset is fundamental for HKT to deliver, we provide reliable and end-to-end solutions to keep your business safe.
Learn more about HKT Managed Security Service