Moji Motions

Blockchain is a kind of record-keeping technology which stores data in blocks that it chains together chronologically each time new data is added, creating an ever-expanding link of information that is continuously verified by a vast network of server farms and individual "miners." This peer-to-peer verification keeps the information very secure, but also results in an extremely high electricity consumption to maintain the networks (currently estimated at over 130 Terrawatt hours in a year, or 0.6% of global electricity consumption). A basic purpose of Blockchain is to be able to assign a unique identity to a tradeable piece of digital information, preventing attempts to alter or replicate it (because the peer-to-peer verification system mentioned above would detect such violations). A core use of Blockchain is cryptocurrencies like Bitcoin and Etherium, which are able to function as a decentralized currency without a central bank or government’s control. The blockchain is used to store a ledger of transactions on each coin, and the verification system keeps in place an artificial scarcity that prevents more from being "printed out." Some other examples include the NFT (Non-Fungible Token) - a way of trading "ownership" of digital art by storing unique links to art pieces in blockchain form - as well as digital collectibles.