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Home»Crypto»The future of blockchain is not Bitcoin
Crypto

The future of blockchain is not Bitcoin

December 16, 2024No Comments3 Mins Read
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Attending various crypto events from Zug to Dubai and Lugano’s Plan B Forum has left me pondering a critical question. Can a blockchain community maintain transparency and liquidity for its coin, like Bitcoin, while complying with the strict regulations of institutional enterprises such as banks and pharmaceutical companies? Is Bitcoin truly the future of blockchain? The answer is no.

Is it possible for a bank to store all data within its own country and leverage blockchain technology without alienating communities in non-compliant countries or facing trade restrictions, such as with China? Can industrial groups keep information private and stand out from competitors by using blockchain to certify their operations and engage the younger generation with crypto benefits?

Even after a decade of Ethereum, the issue still remains unresolved. Will businesses and governments adopt Bitcoin or Ethereum knowing that a majority of transactions occur outside their jurisdiction? Traditional blockchains have failed to meet the expectations of corporate and individual investors.

Why? The scalability of ledgers is not guaranteed, and the costs and transaction finality lag behind non-chain networks like VisaNet. Major chains like Ethereum and Solana do not adequately reward quality among node owners or coin holders. They lack the modularity required by heavily regulated businesses and fail to meet industry standards like HIPAA or FDA certification. The presence of bad actors further discourages B2B use cases and institutional investors.

On the other hand, miners and node operators seek fair compensation for their contributions and wish to break the dominance of large entities benefiting from mechanical algorithms. Token holders desire liquidity and price predictability, which can be enhanced by enterprise involvement. A high-quality blockchain that rewards reputation and eliminates malicious actors benefits both token holders and businesses.

Is there a solution? Emerging chains aim to provide enterprises with modularity and security for regulated markets while offering the community features like proof of reputation and higher compensation compared to standard chains. This approach transforms community participation into a source of income, breaking the monopoly of existing chain communities, including Bitcoin.

The challenge of balancing community and business interests boils down to choice. CEOs of companies like Pharma Inc. and Bank Inc. have different needs compared to young blockchain enthusiasts in Nigeria seeking opportunities in Web3. The key is to cater to the distinct requirements of these audiences effectively.

Technology holds the key to resolving these challenges. The next chapter in blockchain history will be defined by innovation on both the business and community fronts, catering to compliance, speed, efficiency, and incentives. Decentralization, privacy, and chain segmentation are crucial for driving efficiencies and fostering competition in the blockchain space.

The future of blockchain hinges on creating a fair and business-friendly ecosystem that equally serves the community and companies. As we look towards the next decade, it is imperative to prioritize inclusivity and innovation to ensure the success of blockchain technology.

Frank Pagano

Bitcoin Blockchain Future
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