NFTs for Business: A Practical Guide to Harnessing Digital Assets

© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2023

A. Bouzid et al.NFTs for Businesshttps://doi.org/10.1007/978-1-4842-9777-3_2

2. The Technology Behind NFTs

Ahmed Bouzid¹  , Paolo Narciso² and Steve Wood³

(1)

McLean, VA, USA

(2)

Seabrook Island, SC, USA

(3)

Cincinnati, OH, USA

 

The technology which powers the creation, transfer, and use of NFTs is broadly known as either blockchain or distributed ledger technology in some circles. While Bitcoin was the first commonly used blockchain protocol, the technology has roots decades older than that. In this chapter we’ll get familiar with the technology.

Blockchain Basics

The government of Estonia began using blockchain in 2008, a year before Bitcoin was launched. In ...