#blockchain technology
How the Metaverse Could Save Cultural Institutions
How the Metaverse Could Save Cultural Institutions
By: Chris Cummings, CEO & founder of Iconic Moments
Museums and cultural institutions are in trouble. At the onset of the COVID-19 pandemic, these institutions learned that the typical business model of earning revenue through in-person ticket sales, event rentals and once-a-year galas was too fragile to be sustainable. In March 2020, it was estimated that 15 percent of the world’s museums would…
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-Both blockchains rely on numerous users to authenticate edits to the distributed ledger thus helping in the creation of a new master copy which can be accessed by everyone at all times.
-Each network node in both these blockchains has a complete replica of the ledger. As Both are decentralized and distributed over a peer-to-peer network of computers.
-Both function as an append-only ledger where the records can be added but cannot be altered or deleted. Hence, these are called immutable records.
-In both, the validity of a record is verified, thus providing a considerable level of immutability, until the majority of the participants agree that it is a valid record and reach consensus. This helps prevent tampering with the records.
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