Which blockchain technology do you believe will survive and become the de facto industry standard, not as a crypto-currency but as a security-based technology. Why?
Once you complete your discussion thread, please post your initial entry to the discussion board. You should then respond to the work of 2 classmates to fulfill your participation requirement. For this response, you must also use cited materials from a scholarly source to validate your logic in the response. Don’t just make up a response that is “I agree so and so” for half of the passage. This has to be a substantive, constructive write-up.
Post from Shiva Nanda
Ethereum will be the de-facto industry standard for any decentralized application. People believe that its development cycle will be as short as that of Bitcoin, and probably shorter than that of Litecoin. As a Security-based Technology, the primary use case of the Ethereum Blockchain is: To verify, validate, or enforce contracts, rules, or obligations. Ethereum is used to provide an exchange of digital currency or other assets between users in an online environment. Another critical use case for Ethereum is to provide: The basis for the Internet of Contracts. A network of free applications. A system for decentralized governance of digital assets. A system to securely transfer digital assets between parties in an untrusted environment. If the industry stays on Bitcoin and Ethereum, it will be successful because they are the most accessible and the most widely adopted in the world. At the same time, if it migrates to a new blockchain, it will have an advantage because it will have a greater global adoption and support. If it migrates towards other types of blockchain, it will get more attention from regulators because it has different characteristics and is better suited to different types of the blockchain (Stair & Reynolds, 2018).
There will be two blockchain platforms that will survive, not as a crypto-currency, but as a security-based platform: Hyperledger and BitShares. BitShares is more like Bitcoin, which has a strong foundation in open source, and the BitShares network is more like a blockchain. The BitShares network is more like an open database, where the developers can develop in an open environment, which includes all the security protocols necessary to create trust and trustworthiness. BitShares is open-source. Hyperledger, a BitShares derivative, will be open source (Stair & Reynolds, 2018).
There are three main types of blockchain technologies currently available that will be deployed throughout the world, and that is based on a decentralized, open ledger. One of them is called Ethereum, which is based on a blockchain with a state-based system. It is decentralized, which makes it immune to censorship, and it is open, allowing anybody in the world to run any smart contract. The third is based on Proof of Work (PoW) that’s based on the Bitcoin blockchain. The answer is in its scalability. Bitcoin and its peers can scale to billions of users and billions of transactions per second and be resilient to DDoS attacks. It makes them the de facto industry standard. The industry standards that survive and are de-facto industry standards will be ones that can scale to a billion users and billions of transactions per second. The industry that succeeds and becomes de facto industry standard will be the most resilient to DDoS attacks (Wang et al., 2019).
post from Sai Chandu
Blockchain technology is a digital ledger that allows transactions to be recorded and also prevents editing of data already recorded. The digital ledger is not centralized and is distributed across the network. Blockchain technology prevents data from being changed from its original form as well as being duplicated. The ledger also ensures there are trust and security. However, blockchain technology has its drawbacks: Once the data is recorded, editing is impossible in case of errors: they are not 100% safe and can be hacked: the technology is so expensive to implement and maintain.
AnChain AI(Artificial Intelligence)will survive and become the defacto industry standard (“Blockchain security vs. Standard cybersecurity,” 2018) . The technology evaluates and identify any threat in a system. The blockchain generates an audit report about the transactions in a business. The repeated use of AnChain AI helps an organization understand its performance through the growth record and transaction volume. The system monitors the system throughout the day, including business and non-business hours. The system ensures that it prevents hackers from attacking the network at the initial malicious stage. The program is very efficient as an organization that uses it can protect all the financial transactions in the network.
The program’s use has boosted the level of confidentiality of people across the world about doing online transactions. This has led to an increase in the volume of transactions between individuals due to increase in transparency (“Trust & security in the blockchain,” 2018). AnChain AI blockchain in the future aims to become the most accurate program adopted globally by organizations, government, and individuals. The program aims to be the best in financial exchange across the network.
Organizations that have a network that they use in their day-to-day operations should ensure that they choose the best blockchain for their system. This will lead to a good relationship between all the stakeholders of the entity as there is transparency and trust. This will give a competitive advantage to an organization as clients will be attracted to a secure network. Hence, it will increase the level of transactions thus boosting the revenues.
Bitcoin is the most popular blockchain, and many banks are using it to run their infrastructure. People think that the other blockchains, such as the Ethereum, the NEO, will become the de-facto security-based technologies, and bitcoin will still be useful as an everyday store of Value. People think bitcoin will be useful even less because most companies do not care about security and use other blockchains. That is why people think Ethereum will become the de facto blockchain for many companies. One thinks blockchain technology will only become popular when it becomes practical as a security technology (Wang et al., 2018).