As the historic Fallout from the FTX meltdown continues to wreak havoc on the industry some are asking is crypto broken well maybe the technology however is not crypto can't exist without blockchain but blockchain can exist without crypto as we know in essence blockchains are a type of database which allow information to be recorded and to be shared once data is recorded it can't then be changed or deleted and that of course means the technology is useful for all sorts of things.
Finance has been of course where most attention has been focused but data security supply chains and the metaverse are also seeing huge investment and huge Innovation too and we've still only scratched the surface of blockchain's potential so while the FTX Saga has caused a massive erosion in trust especially where crypto is concerned it says nothing or barely anything about the technology side about the Innovation side everything that has happened is really limited and it's hard to see this because it's all mixed up it's limited to just the financial trading side moving you know dollar from you know hand a to hand B and what's happening in the background is there's still incredible technological development Jonathan Miller of crypto exchange Kraken says that although we are seeing bad decisions and bad business models being exposed the fundamentals of blockchain Technology remain the same what will be the case is that you'll see the technology being used and continue to be used and we keep seeing big names using it and and right now.
I think the way and this is very I think very positive the way people are looking to use this technology is almost in the background of their services I mean Nike will most recently released a product that some people might not know uses nfts but it's it happens to be the best choice the best technology for the particular job now he's talking about Nike's swoosh platform which the company says is designed to create a like-minded community of fans of the brand something like that could be the way forward while high profile blockchain based metaverse projects like decentraland continue to struggle according to DAP radar decentraland has currently less than 700 daily active users fabinastic of Moody's investors service says that where Finance is concerned there's a very important distinction to be made crypto finance and cryptocurrencies are not the same as the broader digital Finance they are just a subset of digital Finance so digital Finance is essentially financed but enabled by new technologies like blockchain that includes the tokenization of real assets like bonds equities or Commodities into digital tokens that can be represented stored exchanged and tracked on a blockchain both Fabian and Jonathan see massive potential for growth here even if all cryptocurrencies were to disappear and I'm not saying they will but if they disappeared you would still have other Active Components of digital Finance supported by blockchain technology because it's really all about efficiency blockchain can help replace parts of today's Financial system that are slow expensive and supported by Legacy applications really that part of digital Finance is here to stay it will not be affected by the current FTX developments and it could grow to trillions of dollars within the next few years the fundamentals are that blockchain based and crypto based Financial infrastructure is superior to our to our traditional rails.
The service lies on top in the long run I think we're going to say blockchain being used extensively Miller goes on to say that he still believes crypto has a long-term future but adds that there's so much more going on in the space businesses that have a long-term view on the underlying technology I think will be the ones that we see create uh fascinating uh products and and use cases that we possibly can't imagine today Shark Tank celeb and crypto investor Kevin O'Leary reckons even if we do see a temporary backlash against all things blockchain it won't last long the truth is the product the opportunity of what blockchain provides an authentication or what it provides in transfer of funds or Payment Systems is so disruptive that it'll be back on track as soon as we get legislation Kevin agrees that not all hope is lost for crypto right now it'd be good if crypto didn't work anything for a while and stayed sober and just got to the place where we're regulated it's simply not going away it will never go away Genies out of the bottle as China's BSN systems gains users all over the world there is only one question on everyone's lips can you be tracked with the technology that is the focus of part two of the latest edition of word on the block by forecast editor-in-chief Angie Lau sits down with you fan hey who's the CEO of Red Data technology foreign because there's a very complicated low structure regulation structure inside China to governing the internet so so the TV scenario all the production applications on the internet still under that domain so so some of the regulations actually talk about the jungy the capacity which means whatever activity a data moves you need to trace back to who move that data okay by law so that's why on DDC Network we need if you know basically make the capacity of available and also we can have some kind of you know power to disable some wallets we cannot delay anything on the chin okay but we can disable some so that's by law we have to do that any business inside China building IIT infrastructure needs to you know comply with those laws no matter how big you know the foreign companies everybody needed to to do that you can catch that interview on November 21st if you haven't already checked it out part one is available to stream right now that's it from us like And subscribe to this video for more content like it and let us know your thoughts in the comments
