Emerging Tech·137 discussions

What will be the future of Blockchain Technology?

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Blockchain is known to be the technology powering Bitcoin, as an open, distributed public ledger recording all the Bitcoin transactions in a secure and verifiable way, without the need for a third party to process payments. In this context, Blockchain can be considered a full history of banking transactions. Is Blockchain Useful in Future?

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Looks grim today.

In reply to What will be the future of Blockchain Technology?

We have the Web 3.0 Is Going Great as a reference. Let’s see today’s top news:
“Algorand Foundation discloses $35 million exposure to Hodlnaut

The Algorand Foundation is a group responsible for managing Algorand, a proof-of-stake blockchain. On September 9 they disclosed that they had put $35 million of the project’s treasury into Hodlnaut, a lending firm that halted withdrawals on August 8 and applied for creditor protection a week later. Hodlnaut was in turn heavily exposed to Terra, the ecosystem that collapsed in May.
The Algorand Foundation reassured people that the funds potentially lost to Hodlnaut were less than 3% of the Foundation’s assets, and “we do not anticipate operational or liquidity issues due to this action”. They also wrote that they would be “pursuing all legal remedies to maximize asset recovery”.”
– https://web3isgoinggreat.com/?id=algorand-foundation-discloses-35-million-exposure-to-hodlnaut

That’s not good news for blockchain!

Re: blockchain

In reply to What will be the future of Blockchain Technology?

If you feel it’s a good idea that your financial transactions will forever be accessible to a host of blockchain servers, it might be a good idea for you. But I prefer a bank with good privacy rules for its data.

Reply To: What will be the future of Blockchain Technology?

In reply to Re: blockchain

I’m agree with you banks are good for financial transaactions

Blockchain Future

In reply to What will be the future of Blockchain Technology?

I think blockchain have bright future

Bright Future In Business And Also For Developers

In reply to What will be the future of Blockchain Technology?

Blockchain is the future of the internet’s next level. It is gaining popularity due to its openness and strong security. Blockchain will play a key role in industries such as banking, online data storage, secure payment gateways, government online operations such as the issuance of certificates, ID cards, and passports, and so on.

Most company are moving to blockchain

In reply to What will be the future of Blockchain Technology?

The future is always unpredictable. No one can say what is going to happen in future.
But as you can see blockchain has already been over a decade and it has developed so much. The first blockchain invention was bitcoin and now web3.0 is going to appear.
So if you look research it a little then you will understand blockchain is going to be the next internet.

And losing millions! Let’s check in on Web3.0 is doing great!

In reply to Most company are moving to blockchain

“Mango Markets suffers loss of more than $115 million and counting”

“Mango Markets, a Solana-based defi project offering borrowing, lending, and leverage trading, was exploited for more than $116 million (and counting—at the time of this post the attack is ongoing). An attacker apparently manipulated the supposed value of their collateral on the platform, allowing them to take out massive loans from the project treasury.
Mango Markets posted on Twitter to urge users not to deposit into the project, and asked the hacker to contact them “to discuss a bug bounty”. Meanwhile, the attacker continued to drain funds.”
From https://web3isgoinggreat.com/?id=mango-markets-suffers-hack

Future of Blockchain Technology

In reply to What will be the future of Blockchain Technology?

The future of Blockchain Technology eliminates the need for an intermediary, this would: Simplify the transfer between the buyer and the seller.

For now, Blockchain leads the way for the Big Hacks!

In reply to Future of Blockchain Technology

Let’s check the scam for today!

https://web3isgoinggreat.com/?id=bitkeep-swap-hacked-for-more-than-1-million writes:
“BitKeep Swap hacked for more than $1 million
A purple hexagon-shaped B symbol, followed by the black text “BitKeep”(attribution)
The Swap feature of the BitKeep crypto wallet suffered an exploit that landed a hacker more than $1 million worth of BNB. The project acknowledged the hack, and promised to reimburse users who were impacted.
This is the second hack in October of the swap functionality of a crypto wallet, with Transit Swap suffering a $21 million hack on October 1—although in that case, the attacker subsequently returned a large portion of the stolen funds.”

Blockchain technology

In reply to What will be the future of Blockchain Technology?

Blockchain technology has now moved from the geek tech phase to mainstream acceptance. From healthcare to banking, supply chain, insurance and digital identity, countless blockchain business applications are transforming the way data is accessed and stored. So I think blockchain have bright future in coming days.

It’s not a great solution. My top reason why.

In reply to Blockchain technology

“The redundancy of blockchains makes them hard to scale. Every device in your network must have a copy of every transaction made, right from the genesis block to the most recent transaction. That means hundreds of copies of the same data!”

That’s quite the burdensome technology. No way to trim and cull data that isn’t needed any longer?

Lots of future scope!!

In reply to What will be the future of Blockchain Technology?

Blockchain technology is being incorporated into a variety of industries, including supply chain management, video games, digital identity verification, and health records management. The number of applications for this ground-breaking technology has increased as a result of Ethereum and other blockchains’ capacity to store and run computer code.

“Breaking” is the right word here. It’s broken alright.

In reply to Lots of future scope!!

“The redundancy of blockchains makes them hard to scale. Every device in your network must have a copy of every transaction made, right from the genesis block to the most recent transaction. That means hundreds of copies of the same data!”

That’s quite the burdensome technology. No way to trim and cull data that isn’t needed any longer?

Future of Blockchain technology

In reply to What will be the future of Blockchain Technology?

Increased Adoption: Blockchain technology is becoming more widely adopted as businesses recognize its potential for improving transparency, security, and efficiency. As more companies and industries adopt Blockchain technology, it is likely to become more mainstream and integrated into everyday processes.

Interoperability: Interoperability is one of the key challenges facing Blockchain technology. The ability to communicate and share data across different Blockchain networks is essential for realizing its full potential. Efforts are underway to develop interoperability standards and protocols that will allow for seamless integration of different Blockchain networks.

Decentralization: Decentralization is one of the key features of Blockchain technology, and it is likely to become more widespread in the future. Decentralized applications (Dapps) and decentralized finance (DeFi) platforms are already gaining popularity, and they are expected to become more mainstream in the future.

Increased Security: Blockchain technology is inherently secure due to its decentralized nature and cryptographic algorithms. However, as Blockchain technology becomes more widely adopted, hackers and cybercriminals may find new ways to exploit vulnerabilities. Therefore, it is essential to continue to develop and implement robust security measures to protect Blockchain networks and applications.

Emergence of New Use Cases: Blockchain technology has already been applied to many industries, including finance, healthcare, and supply chain management. However, there is still a lot of potential for new use cases to emerge, such as in the areas of identity verification, voting systems, and social media platforms.

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