Crypto giant FTX’s bankruptcy filing, along with the dramatic fall in value of most cryptocurrencies in 2022, has raised new questions about the future of blockchain technology.
November 13, 2022 •
Financial markets were buzzing with stories surrounding the collapse of crypto giant FTX last week. Here are some of the best media coverage:
CNN — Crypto giant files for bankruptcy as CEO steps down in eye-popping fall: “FTX Group said friday it filed for bankruptcy in the US and its CEO resigned, marking a staggering downfall for one of the biggest and most powerful players in the crypto industry.
CNBC.com— Sam Bankman-Fried steps down as CEO of FTX as his crypto exchange files for bankruptcy“In the 23-page bankruptcy filing obtained by CNBC, FTX says it has more than 100,000 creditors, assets in the range of $10 billion to $50 billion, and liabilities in the range of $10 billion to $50 billion Bankman-Fried also said it wants to appoint Stephen Neal as the company’s new chairman.
BBC.com— FTX – Cryptocurrency Market Shaken by Near Exchange Collapse“The cryptocurrency world is full of great personalities and Sam Bankman-Fried is one of the greats.
“Since the “cryptocrash” in the spring, FTX’s outspoken young owner has been a beacon of hope for investors big and small.
“While other businesses faltered, Bankman-Fried seemed to thrive. …
BEYOND CRYPTOCURRENCIES, BLOCKCHAIN COMPANIES IMPACTED
So how will the events of the past week and the decline in value of bitcoin and other cryptocurrencies impact broader blockchain trends?
Entrepreneur.com —Will Blockchain Technology Make Logistics the Best Ever?: “Startups in some Asian countries like South Korea are also experimenting with blockchain technology to make the last-mile delivery process transparent and foolproof. They have created centralized delivery platforms and corresponding couriers for order delivery using AI and smart contract-based applications A number of multinational shippers are also testing the applicability of blockchain to maintain paperless transaction records in a distributed ledger, thereby reducing risks of commercial counterfeiting and payment disputes.
CFO.com — 5 Ways CFOs Can Maximize Blockchain Technology“As the next generation of the World Wide Web comes to fruition, new economic and technological infrastructures loom on the horizon. With this new generation, known as Web3, concepts such as decentralization, digital currencies, token-based economy, and non-fungible tokens (NFT) are making their way into the traditional economy. As new technology brings foreign terms and tools to even the most educated people, this new arena of commerce has created a level playing field for businesses of all sizes.
Forbes — 4 Ways Blockchain Technology Will Change Leadership“Blockchain technology provides a decentralized and secure way to store and manage data, enabling new levels of transparency and collaboration that transform strategies and operations. Using blockchain technology, organizations can create a shared, tamper-proof database to track transactions, assets, and interactions between parties. This provides a single source of truth that everyone can trust, eliminating the need for costly intermediaries and manual reconciliation. But leaders must take a strategic approach to ensure their organizations can take full advantage of this transformational technology.
CNBC — Singapore wants to be a hub for blockchain in finance, but not for speculative crypto trading, says MAS: “Singapore has ambitions to become a global crypto hub, but has been crack down on industry after many retail investors lost their life savings to crypto trading. The city-state has many times warned that cryptocurrency trading is “highly risky and not suitable for the general public” due to its volatile and speculative nature. He even banned crypto advertising in public spaces and on social media in January 2021 and proposed new measures to protect retail investors recently after the $60 billion collapse of the Luna de Terra.
“Yet, Singapore has openly shown its approval for blockchain technology and embarked on various projects. payments and securities.
As I listened to blockchain and cryptocurrency experts last week, the consensus is that blockchain technology is not going away and will grow in the years to come. The failure of FTX and the fall in value of cryptocurrencies will lead to more regulations and changes that will benefit the financial industry as a whole.
And there are many government applications for blockchain technologies, with major breakthroughs expected over the next decade.
Nonetheless, the events surrounding cryptocurrencies and the bankruptcy of FTX will undoubtedly lead to soul-searching and new approaches that will hopefully bring lessons learned and inform government regulations that will undoubtedly be to come.
Daniel J. Lohrmann is an internationally acclaimed cybersecurity leader, technologist, keynote speaker, and author.
*** This is a syndicated blog from the Security Bloggers Network of Lohrmann on cybersecurity Written by Lohrmann on cybersecurity. Read the original post at: https://www.govtech.com/blogs/lohrmann-on-cybersecurity/where-next-for-blockchain-technology-after-ftx-collapse