The Collapse and Its Impact in the UK
The recent bankruptcy of crypto exchange FTX has led to negative headlines and raised concerns about the safety of digital currencies. While founder Sam Bankman-Fried’s personal fortune took a hit, those invested in cryptocurrencies fear they might never see their assets again. Despite this, experts believe that blockchain is still a vital technology with the potential to revolutionize business.
Blockchain Beyond Individual Exchanges
The impact of FTX’s collapse could be disastrous for some investors in the UK, many of whom have poured their life savings into digital currencies. However, the truth is that blockchain is separate from individual exchanges, and it’s important not to conflate the two. Blockchain is the underlying technology that makes digital currencies possible in the first place. Though the technology is not without its flaws, including environmental concerns around energy consumption, it has the potential to transform the way we do business.
Blockchain’s Practical Application and the Future of Business
With blockchain being less flashy than catchier buzzwords such as ‘metaverse,’ the technology has been overshadowed in recent times. But unlike these short-term trends, blockchain has a practical application that sets it apart from the hype. Innovators are already looking to build simple, accessible platforms that utilize blockchain to make big tech companies like Google, Amazon, and Facebook a thing of the past. These platforms will enable people to trade, run smart contracts, and build decentralized apps and decentralized finance services.
Read More Here https://www.standard.co.uk/tech/blockchain-ethereum-metaverse-dapps-defi-b1038678.html
