IF blockchain fails, what could replace it then?

Blanca_Gregory

jr. member

Activity: 72

Merit: 2

Quote from: ShadowBits on November 25, 2018, 02:05:07 AM

Nothing I guess. But I think Governments from all over the world are still going to come up with a new digital currencies for their own country.

But then if it collapses and the governments from all over the world came up with new digital currencies, where would it run on? Do you think they will create a new technology that will make crypto exchanges possible?

Quote from: figmentofmyass on November 25, 2018, 02:13:08 AM

depending on why it fails, we may not need to find a replacement. we may just need to fix the immediate problem. for example, when ECDSA is broken, we'll just hard fork to a new signature algorithm, which shouldn't be too controversial because it'll fix a life-or-death protocol failure. that's why quantum computing isn't necessarily all that scary.

Of course, it can always be fixed. However, I was thinking a worst case scenario where what if changing algorithms doesn't work? Could something else arise that is similar to blockchain but also not?

Quote from: Tipsters on November 25, 2018, 04:29:10 AM

Good topic as there were new technologies have been made to replace blockchain. What we're talking about here is technology that is as fast as you can imagine, so it won't be that long for it to be replaced if something has been invented to surpass its mechanism in general.

Really? There is? Like what? I don't know such a thing actually exists. Can you share with us please?

Ridwan Fauzi

full member

Activity: 1330

Merit: 147

I agree more when you speak 'it seems impossible' because until now there is no country that has refused the existence of blockchain, even most of them are amazed by this technology. Blockchain is the first digital ledger in the form of decentralization, the blockchain function is very broad not only as a tool to record all transactions, even a hospital can safely store disease diagnoses on the blockchain. Only a little chance the blockchain will fail, even in the future blockchain will develop as with other technologies.

drmilind2004

member

Activity: 280

Merit: 28

If Blockchain fails, it's back to centralised databases for everyone. At best, they might construct immutable databases. But, that's a poor fix for the "trustless, permissionless" requirement problem. Hence, some might be tempted to try out the half-way fix of the Hyperledger, and sharding, etc. But then, that's still technically "Blockchain". So, it's difficult to imagine how Blockchain might fail entirely, because there are layer upon layers of it's functionality; most of them being the ones that won"t disappear even if one or a few of the other layers gets discredited.

project_delta

jr. member

Activity: 98

Merit: 2

Quote from: Blanca_Gregory on November 23, 2018, 06:50:30 AM

Although of course it seems unlikely, all good things must come to an end and someday, in the distant future, the blockchain technology will fail. When it happens, what could replace it? Is there anything out there that functions similarly and just as good and reliable as blockchain? More importantly, if nothing replaces it, what will happen to cryptocurrencies then? Any ideas?

Why does it happen, we should first solve what is the problems with it right now, and leave other things for people to come. Blockchain is the crux of the technology in this era and now we have to get this accepted first.

nuraziaaziz

newbie

Activity: 70

Merit: 0

I don't think Blockchain will ever fail. If it does in the coming future, all coin including Bitcoin and other altcoins will not be used anymore by people. Basically, they will use back the corporate bank instead.

esetop01tryba

jr. member

Activity: 238

Merit: 1

https://www.empirehotels.io

The world is progressing and technology, too, but if the blockchain is compared with the opening of the Internet and if so it is unlikely that it will replace something in the future.

Luke_Turner

jr. member

Activity: 76

Merit: 1

I'm going to go against what the others are saying and think that it's possible some other technology might come to replace it. Blockchain is a technology, and technology is advancing fast. Old school televisions have been replaced with flat screen TVs, then it was upgraded to Smart TVs and now there's even curved TVs. All same "technology" but just have been upgraded and evolved from its predecessors. It will be the same with blockchain. We don't know why and how it will "fail" but if and when it does, some other technology will emerge to take its place.

mrcheungtom

newbie

Activity: 4

Merit: 0

Blockchain is here to stay, its not desgined to fail.

Gabteb

sr. member

Activity: 812

Merit: 256

Do you mean BTC fail or blcokchain ? i dont think blockchain could fail its realy great technology and even people who dont like BTC and cryptoes, talk about blockhain as a great thing,even some countries start do elections on blockchain and as i know some countries even have notary on blockchain.

Cryptoreflector_666

member

Activity: 728

Merit: 24

Quote from: Blanca_Gregory on November 23, 2018, 06:50:30 AM

Although of course it seems unlikely, all good things must come to an end and someday, in the distant future, the blockchain technology will fail. When it happens, what could replace it? Is there anything out there that functions similarly and just as good and reliable as blockchain? More importantly, if nothing replaces it, what will happen to cryptocurrencies then? Any ideas?

Blockchain as a system justifies itself so far and will justify itself for a long time. There are no problems with it - it functions as clearly and correctly as possible and will develop and function further. If you mean what will happen to bitcoin if it is fully depreciated, then another cryptocurrency will come in its place and the process will be repeated again.

dmamigo

sr. member

Activity: 1232

Merit: 250

Quote from: Anarchist on November 26, 2018, 07:22:54 AM

Artificial intelligence and Big Data are the next big things. It will take 20-30 years maybe, but we will turn to use it for sure in the future for anything in our life. It's already used but by the time we will have a better technology.

Blockchain probably won't fail, along with the advanced tech upgradation it will grow and develop more rapidly. AI and Big Data as you said will also be the next big thing. IT industry is in the search of AI, Blockchain and Data professionals and it is growing, showing good signs of the upcoming revolution. Probably Blockchain is a system, and upon which cryptocurrencies function, so coin might fail but the technology will be there.

arfoxx869

newbie

Activity: 12

Merit: 0

I have read somewhere about quantum computers.

itsmattchan

newbie

Activity: 14

Merit: 0

Blockchain won't "fail" because it's simply a technology and methodology to enable the flow of value and data that is immutable and transparent. There are tons of use cases that benefit from these factors, and just as the internet enables the information superhighway, blockchain enables the value superhighway, where value can flow freely and efficiently, and we can do commerce, and transact trustlessly.

sumsum90

newbie

Activity: 30

Merit: 0

Quote from: aray80 on November 26, 2018, 09:58:40 AM

Blockchain is a special combination of three technologies, namely the internet, private key cryptography, and protocols (software) that regulate incentives. and if the blockchain fails it needs to be added maybe its security technology because the crypto market is still often hacked

Block chain is the core in which BTC is built and regardless BTC's destiny, it has a wide range of ways how it can be used. It is already being used separately from BTC and for completely different industries. The progress will definitely move it forward and force it to upgrade or fail, but I don't believe it will happen in the near future. At some point, some AI will replace it, but not anytime soon.

phelbaby

member

Activity: 434

Merit: 10

Blockchain is here to stay,for the fact that adoption of the blockchain is becoming so viral with a massive adoption,it is becoming impossible for a fail and should in case Bitcoin falls than other altcoins will also fall as well.

henrique2018

newbie

Activity: 23

Merit: 0

I think that manyy cryptocurrencies will fail before blockchain. Purpose of blockchain is not only related to crypto.

taratorly

member

Activity: 258

Merit: 10

Quote from: Blanca_Gregory on November 23, 2018, 06:50:30 AM

Although of course it seems unlikely, all good things must come to an end and someday, in the distant future, the blockchain technology will fail. When it happens, what could replace it? Is there anything out there that functions similarly and just as good and reliable as blockchain? More importantly, if nothing replaces it, what will happen to cryptocurrencies then? Any ideas?

That's one of the things that I wonder about. It must be something better. But there is nothing that goes bad for Blockchain yet. Only the price of Bitcoin is falling.

sinkfish

jr. member

Activity: 252

Merit: 1

Quote from: Blanca_Gregory on November 23, 2018, 06:50:30 AM

Although of course it seems unlikely, all good things must come to an end and someday, in the distant future, the blockchain technology will fail. When it happens, what could replace it? Is there anything out there that functions similarly and just as good and reliable as blockchain? More importantly, if nothing replaces it, what will happen to cryptocurrencies then? Any ideas?

blockchain unlikely to fail. even now many programmer improving it. with better hardware, blockchain will only getting better. its not gonna fail as long internet is still here.

dmcx

member

Activity: 348

Merit: 10

Quote from: aray80 on November 26, 2018, 09:58:40 AM

Blockchain is a special combination of three technologies, namely the internet, private key cryptography, and protocols (software) that regulate incentives. and if the blockchain fails it needs to be added maybe its security technology because the crypto market is still often hacked

This is only if and I think will not happen. Because the blockchain worked out since the bitcoin was born 10 years ago, and I think it's enough to say that it's the root of each other. To say if it could just be a weaker blockchain than before and no blockchain will disappear Undecided

.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: Blanca_Gregory on November 23, 2018, 06:50:30 AM

Although of course it seems unlikely, all good things must come to an end and someday, in the distant future, the blockchain technology will fail. When it happens, what could replace it? Is there anything out there that functions similarly and just as good and reliable as blockchain? More importantly, if nothing replaces it, what will happen to cryptocurrencies then? Any ideas?

First of all, I really can't think of any foreseeable reason why the blockchain that is underlying the bitcoin network would fail.

As long as there are people using it, and that the network doesn't get exploited big time (which it has shown the ability to be secure over the last decade), then blockchain will not "fail" and will continue to run even if prices do drop drastically which I don't think is that probable either.

Potentially quantum computing will see problems for blockchain, but right now, that still seems distant. But for sure, it's not like blockchain is going to be something that will not be replaced in the future by potentially better technologies, but it's the best practical one for decentralised online transactions right now. I'm not sure practically speaking anything else would be able to replace it at the moment.

Topic: IF blockchain fails, what could replace it then? (Read 849 times)