AsadUllahChaudhary

The cryptocurrency world is abuzz with excitement as Pi Network gears up for its highly anticipated Mainnet launch on December 31, 2024. With millions of users actively engaging and historic milestones achieved, Pi Network is cementing its place as one of the most revolutionary blockchain projects of our time. Here’s why everyone’s talking about it.
1. The Countdown to Mainnet: A New Era Begins
After six years of development, Pi Network is finally set to migrate to its open Mainnet. This step will empower users to utilize Pi tokens on decentralized exchanges and in real-world transactions, transitioning Pi from a conceptual cryptocurrency to a tangible economic system.
2. 100 Million Downloads: A Viral Success Story
Pi Network’s mobile app has achieved a jaw-dropping milestone of over 100 million downloads on Google Play. With an impressive 4.4-star rating from over 765,000 reviews, the app’s popularity showcases its global appeal and the community’s faith in the project. These numbers are unheard of for blockchain-based apps.
3. KYC Milestone: 14 Million Strong and Growing
A staggering 14 million users have successfully completed KYC verification, a prerequisite for migration to the Mainnet. With a target of 15 million verified pioneers, the Pi community is proving its readiness to embrace the open blockchain era. The recent extension for KYC submissions has further encouraged participation from late adopters.4. What’s Next? Prepare for Migration
Pi Network pioneers are urged to:
Complete their KYC process.Secure their wallets and ensure Pi balances are accurately transferred.Stay updated on migration protocols to avoid missing out on the Mainnet transition.
This pivotal moment is more than a technical upgrade; it’s the realization of Pi’s vision to create a decentralized digital economy accessible to everyone.
Why Pi Network Could Redefine Crypto
Pi Network stands out for its unique approach to mining, which is user-friendly and energy-efficient. Its grassroots adoption strategy and focus on inclusivity have drawn comparisons to early Bitcoin days, but with a broader accessibility that could propel it to mainstream success.
Join the Revolution Now!
Don’t miss your chance to be part of this groundbreaking movement. Whether you’re a seasoned crypto enthusiast or a curious newcomer, Pi Network is creating waves that are impossible to ignore. Complete your KYC, secure your Pi tokens, and prepare for a thrilling ride into 2025.
Let’s make history together. #PiNetwork #CryptoRevolution #Mainnet2024
For the latest updates, visit the official Pi Network site or trusted crypto news outlets.

1. Learn the Basics of Cryptocurrency Trading
Before you dive into trading on Binance, it’s essential to understand the fundamentals of cryptocurrency trading. Here are some key points to consider:
Market Basics: Learn how the crypto market operates, including concepts like order books, bid-ask spreads, and market depth.Order Types: Familiarize yourself with different order types, such as market orders, limit orders, and stop-limit orders.Risk Management: Understand the risks associated with trading, including volatility, liquidity, and market manipulation.
2. Choose a Trading Strategy
Having a clear trading strategy is crucial for success. Here are a few common strategies:
Day Trading: Traders buy and sell assets within the same day, aiming to profit from short-term price movements.Swing Trading: This strategy involves holding positions for several days or weeks, capitalizing on medium-term trends.HODLing: Some investors prefer to hold their assets long-term, believing in their future growth.
3. Set Up Your Binance Account
Follow these steps to get started on Binance:
Step 1: Register for an Account
Visit the Binance website or download the Binance app.Sign up using your email, phone number, or Apple/Google account.
Step 2: Complete Identity Verification
Verify your identity to unlock deposit, withdrawal, and trading features.Provide basic information, upload ID documentation, and complete facial verification.
Step 3: Buy/Deposit Crypto
Buy crypto using bank transfers, credit/debit cards, or peer-to-peer (P2P) trading.If you already hold cryptocurrencies, deposit them into your Binance account.
4. Start Trading on Binance
Binance offers various markets for trading:
Spot Market: Trade directly between cryptocurrencies (e.g., BTC/ETH).Margin Trading: Borrow funds to trade with leverage.Futures Market: Trade futures contracts with leverage.Options Market: Trade options contracts.
Tips for Trading on Binance:
Security: Enable two-factor authentication (2FA) for added security.BNB Discounts: Use BNB (Binance Coin) to pay for trading fees and receive discounts (25% on Spot and Margin, 10% on Futures).Binance Earn: Explore Binance Earn products to grow your holdings.
Remember that trading cryptocurrencies involves risks, and you should only invest what you can afford to lose. Be patient, stay informed, and continuously learn about the crypto market.
Happy trading! 🚀

1. Visit the Official Binance Website
Go to the official Binance website by typing “Binance” in your web browser or directly visiting Binance’s official website.
2. Register with Your Email Address or Phone Number
On the Binance homepage, you’ll find a “Register” button. Click on it.You can choose to register with either your email address or phone number.If you prefer to sign up using your mobile number, enter your phone number and choose a secure password.If you choose to sign up with your email address, input your email and select a strong password.
3. Verification
After providing your email or phone number, you’ll receive a 6-digit verification code via email or SMS.Enter this code on the registration page and click “Next”.Note that to protect your account, it’s highly recommended to enable two-factor authentication (2FA). You can set this up later in your account settings.
4. Choose Your Account Type
Binance offers both personal accounts and entity accounts.For most users, a personal account is suitable. However, if you’re creating an account for a business or organization, you might need an entity account.Once registered, you cannot change the account type, so choose carefully.
5. Set Up Security
To enhance security, consider the following steps:Enable Two-Factor Authentication (2FA): Use Google Authenticator or Authy to set up 2FA. This adds an extra layer of protection to your account.Secure Your Password: Choose a strong, unique password that combines uppercase and lowercase letters, numbers, and special characters.Keep Your Recovery Codes Safe: Binance provides recovery codes during the 2FA setup. Store these securely in case you lose access to your 2FA device.
6. Verify Your Identity (KYC)
Binance requires identity verification (KYC) to comply with regulations and enhance security.Follow these steps to verify your identity:Log in to your Binance account.Click on your profile icon (usually located at the top right corner).Select “Verify Identity” or a similar option.Provide your personal details (name, date of birth, address, etc.).Upload a clear photo of your government-issued ID (passport, driver’s license, or national ID card).Complete a facial recognition scan (follow the instructions provided).Wait for confirmation that your verification is successful.
7. Enjoy Binance!
Once your identity is verified, you’re all set!You can now start trading cryptocurrencies on Binance.Don’t forget to use the referral ID 441823439 during registration to get a 10% discount on trading fees.
Remember to keep your account secure by regularly updating your password, enabling 2FA, and being cautious of phishing attempts. Happy trading! 🚀
If you have any other questions, feel free to ask! 😊#Binance #createbinanceaccount #BTC☀ #BNB

Introduction
The Pi Network has been making significant strides in its journey towards becoming a fully operational decentralized network. As we approach the year 2024, the Pi Core Team is diligently working to achieve several critical milestones. In this article, we'll explore the recent updates, the roadmap, and the conditions necessary for the Pi Network to transition to the Open Network phase.

Recent Progress:
Since Pi2Day (June 28th, 2022), the Pi Core Team has made substantial progress in building the necessary infrastructure and components for the Mainnet migration. Let's delve into the key areas of development:
1. Mainnet Preparation
The Pi Core Team has been actively working on the technical and product aspects required for the Mainnet launch. This includes:
- Technology: The team is finalizing technical preparations, ensuring that the network is robust, secure, and scalable.
- Product: Improvements to the Pi Network mobile mining app are underway. The onboarding experience for new users will be streamlined, featuring a simplified registration process and a more user-friendly interface⁴.
2. Network KYC and Migration
The success of the Pi Network relies on achieving critical mass in network KYC (Know Your Customer) verification and seamless migration to the Mainnet. Here are the specific targets:
- KYC Verification: The goal is to have 15 million Pioneers pass KYC, including both fully and tentatively verified accounts.
- Migration: At least 10 million Pioneers should migrate to the Mainnet, ensuring a robust user base for the Pi ecosystem.
3. Utility Creation
The Pi Network aims to create a vibrant ecosystem with real-world utility. To achieve this, the following targets have been set:
- Real Pi Apps: The network aims to have 100 real Pi apps that meet specific criteria:
- These apps must be on the Mainnet or Mainnet-ready.
- They should comply with Pi platform policies.
- Each app should address a genuine need and bring utility to the Pi ecosystem.
- Clones of existing apps won't count; distinct applications are essential¹.
Conditions for Open Network in 2024
The transition to the Open Network phase is contingent upon meeting the following three essential conditions:
1. Preparation Work: The Pi Core Team must complete all preparation work related to technology, product, business, and legal aspects. The V2 Roadmap outlines most technical and product milestones, while business and legal work remains ongoing.
2. Network KYC and Migration Goals: Achieving the specified targets for KYC verification and Pioneer migration is crucial. These goals ensure a strong foundation for the Pi ecosystem.
3. Utility Milestones: The creation of real Pi apps that enhance utility within the ecosystem is vital. These apps should solve real-world problems and contribute to Pi's vision of inclusivity and peer-to-peer interaction¹.
Conclusion
As we look ahead to 2024, the Pi Network community, developers, and the Core Team continue their collective efforts. The journey towards an open, decentralized network remains exciting, and Pi's vision of empowering users worldwide through cryptocurrency and utility is gradually becoming a reality.
Stay tuned for further updates as the Pi Network progresses towards its Open Network phase! 🚀🌟
References:
1. [Pi Network Blog: 2024 Update](https://minepi.com/blog/mainnet2024/)
2. [CoinCodex: Pi Network Launch Date & News](https://coincodex.com/article/32026/pi-network-launch-date/)
3. [Pi Network Blog: 2022 End of Year Updates](https://minepi.com/blog/tech-product-update-2022-h2/)
4. [BSC.News: Pi Network 2023 Roadmap](https://www.bsc.news/post/pi-network-2023-roadmap-speculation-or-reality)
Disclaimer: The information provided in this article is based on publicly available sources and official announcements. Readers are encouraged to verify details directly from the Pi Network's official channels.
#PiNetworkMainnet #picoinsell #picoinsell
Source: Conversation with Copilot, 12/07/2024
(1) Pi 2022 End of Year Updates | Pi Network. https://minepi.com/blog/tech-product-update-2022-h2/.
(2) 2024 Update | Pi Network. https://minepi.com/blog/mainnet2024/.
(3) Pi 2022 End of Year Updates | Pi Network. https://bing.com/search?q=PI+network+updates.
(4) What Is Pi Network? Launch Date & News | CoinCodex. https://coincodex.com/article/32026/pi-network-launch-date/.
(5) Pi Network 2023 Roadmap: Speculation or Reality? - bsc.news. https://www.bsc.news/post/pi-network-2023-roadmap-speculation-or-reality.

Introduction
In the dynamic realm of cryptocurrency, Pi Network emerges as a beacon of innovation, offering a decentralized, secure, and environmentally conscious platform for users keen on crypto mining. Launched in beta in 2018 and later with a testnet in March 2020, Pi Network has steadily gained traction, boasting a user base exceeding 35 million. This article delves into the key features and prospects of Pi Network as it navigates towards the highly anticipated mainnet launch.
Decentralization and Security
At the heart of Pi Network's appeal is its commitment to decentralization. By operating on a decentralized model, Pi Network ensures that no single entity has undue control over the platform, providing users with autonomy and security not often found in traditional centralized systems.
User-Friendly Mobile Mining
Pi Network redefines the mining experience by allowing users to mine Pi cryptocurrency directly on their mobile phones. What sets this apart is the claim that the process does not excessively drain device batteries, making it not only accessible but also user-friendly. This approach democratizes mining, opening the door to a wider audience eager to participate in crypto.
Planet-Friendly Approach
Pi Network embraces a planet-friendly ethos in response to the environmental concerns associated with traditional crypto mining. The platform actively avoids the massive electrical waste commonly linked to mining operations, aligning with the growing movement towards sustainable practices within the cryptocurrency sector. This conscientious approach positions Pi Network as a forward-thinking player in the industry.
Developer Platform and Invitation-Based System
Pi Network is not merely a cryptocurrency; it is a dynamic developer platform where users can build decentralized applications (dApps). This introduces an element of innovation within the Pi ecosystem, fostering creativity and expansion.
To join the Pi Network, users need an invitation from an existing trusted member. This invitation-based system adds a layer of trust and reliability, as new members are introduced to the network through recommendations from those already established within the community.
Mainnet Launch Anticipation
While Pi Network has garnered immense interest since its inception, the community is eagerly anticipating the mainnet launch, tentatively scheduled between March and June of 2024. The platform is currently in the Enclosed Network period of Mainnet, and the launch is contingent upon meeting specific conditions, including completing Open Network preparation work, achieving KYC-related goals, and establishing a diverse range of utilities for the Pi cryptocurrency.
Community Interest and Future Outlook
With a robust community exceeding 35 million users, Pi Network has become a focal point for developers and enthusiasts alike. The mainnet launch is poised to unlock new possibilities, especially for those interested in deploying decentralized applications (dApps) within the Pi ecosystem.
Conclusion
Pi Network's innovative approach to crypto mining, coupled with its commitment to decentralization and environmental sustainability, positions it as a noteworthy player in the cryptocurrency landscape. As the community eagerly awaits the main net launch in 2024, Pi Network stands on the precipice of ushering in a new era of inclusive and planet-friendly crypto mining.
#PiNetwork #picoin #BinanceMissions #Binance #PiOnBinance

The Bitcoin halving is an event that occurs approximately every four years, reducing the rate at which new coins are created. This event is written into Bitcoin's code and has historically preceded a rise in the price of Bitcoin. Analysts have made various predictions about the expected price of Bitcoin in 2024, taking the halving into account.
Bloomberg suggests that Bitcoin could surpass $50,000 by 2024, attributing this to the upcoming halving and an expected increase of at least 81% in price[1]. Forbes also notes that Bitcoin's price has significantly increased a year before and after previous halving events[2]. Additionally, some analysts have made bolder predictions, with one calling for a 1,000% rally to $500,000[3].
While there are varying opinions on the exact price, it is generally expected that the halving event, combined with factors such as the potential approval of a Bitcoin ETF and broader market trends, could lead to a significant increase in the price of Bitcoin. However, it's important to note that these are projections and the actual price movement of Bitcoin is subject to various market factors and uncertainties[5].
#BTC #Binance

#Bitcoin: Unraveling the Revolutionary Cryptocurrency
Bitcoin, the pioneer of cryptocurrencies, has surged through the financial realm since its inception in 2009. Conceptualized by an entity known as Satoshi Nakamoto, Bitcoin's innovation lies in its decentralized nature and the groundbreaking technology powering it—the blockchain.
The Genesis and Technology Behind Bitcoin
Emerging in the wake of the global financial crisis, Bitcoin was introduced through Nakamoto's whitepaper, "Bitcoin: A Peer-to-Peer Electronic Cash System." It proposed a decentralized digital currency system based on a revolutionary technology called the blockchain. This distributed ledger, secured by cryptography, records all transactions across a network of computers, ensuring transparency, security, and immutability.
Functioning of Bitcoin
Bitcoin operates through a decentralized network of nodes that validate and record transactions. Transactions are bundled into blocks, and miners compete to solve cryptographic puzzles, aiming to add these blocks to the blockchain. This process, known as proof-of-work, not only secures the network but also incentivizes miners with newly minted bitcoins and transaction fees.
Key Features of Bitcoin
- Fixed Supply: With a capped supply of 21 million coins, Bitcoin maintains scarcity, reminiscent of precious metals like gold, contributing to its store of value.
- Decentralization: The absence of a central authority empowers users with control over their finances and transactions.
- Pseudonymity: Transactions are transparent on the public ledger but are associated with cryptographic addresses rather than personal identities.
Bitcoin's Impact and Adoption
Bitcoin has experienced exponential growth, accompanied by both fervent support and criticism. Its price trajectory, from negligible value to thousands of dollars per coin, has attracted institutional interest and mainstream attention. Institutions and corporations view it as a hedge against inflation and a diversification tool for their portfolios.
Additionally, the blockchain technology underpinning Bitcoin has spurred a wave of innovation. Beyond financial transactions, concepts like smart contracts, decentralized finance (DeFi), non-fungible tokens (NFTs), and more have blossomed, expanding the cryptocurrency ecosystem.
Challenges and Ongoing Developments
Bitcoin faces challenges such as scalability concerns, environmental impacts due to its energy-intensive mining process, regulatory uncertainties, and market volatility. Solutions like the Lightning Network for scalability and discussions around transitioning to more eco-friendly consensus mechanisms like proof-of-stake are actively pursued. Regulatory frameworks are also evolving to balance innovation with consumer protection and financial stability.
The Future Landscape
The future of Bitcoin hinges on various factors: technological advancements, regulatory clarity, market acceptance, and societal perceptions of digital currencies. Continued innovation, adoption, and efforts to address its challenges will shape Bitcoin's trajectory and its role in the global financial ecosystem.
Conclusion
Bitcoin's evolution from an abstract concept to a globally recognized digital asset has reshaped finance, technology, and perceptions of currency. As it continues to mature, Bitcoin embodies principles of decentralization, financial sovereignty, and technological advancement, leaving an indelible mark on the world's understanding of money and value.
#btc #BTC #BTC!💰 #BTC/Update

What is blockchain?

Blockchain is a secure database shared across a network of participants, where up-to-date information is available to all participants at the same time.

blockchain is one of the major tech stories of the past decade. Everyone seems to be talking about it—but beneath the surface chatter, there’s not always a clear understanding of what blockchain is or how it works. Despite its reputation for impenetrability, the basic idea behind blockchain is pretty simple. And it has major potential to change industries from the bottom up.

Blockchain is a technology that enables the secure sharing of information. Data is stored in a database. Transactions are recorded in an account book called a ledger. A blockchain is a type of distributed database or ledger—one of today’s top tech trends—which means the power to update a blockchain is distributed between the nodes, or participants, of a public or private computer network. This is known as distributed ledger technology or DLT. Nodes are incentivized with digital tokens or currency to make updates to blockchains.

Blockchain allows for the permanent, immutable, and transparent recording of data and transactions. This, in turn, makes it possible to exchange anything that has value, whether that is a physical item or something less tangible.

A blockchain has three central attributes. First, a blockchain database must be cryptographically secure. That means to access or add data to the database, you need two cryptographic keys: a public key, which is the address in the database, and the private key, which is a personal key that must be authenticated by the network.

Next, a blockchain is a digital log or database of transactions, meaning it happens fully online.

And finally, a blockchain is a database that is shared across a public or private network. One of the most well-known public blockchain networks is the Bitcoin blockchain. Anyone can open a Bitcoin wallet or become a node on the network. Other blockchains may be private networks. These are more applicable to banking and fintech, where people need to know exactly who is participating, who has access to data, and who has a private key to the database. Other types of blockchains include consortium blockchains and hybrid blockchains, both of which combine different aspects of public and private blockchains.

Research from the McKinsey Technology Council suggests that by 2027, up to 10 per cent of global GDP could be associated with blockchain-enabled transactions. But in the world of blockchain, what is real and what is just hype? And how can companies use blockchain to increase efficiency and create value? Read on to find out.

How does blockchain work?

A deeper dive may help in understanding how blockchain and other DLTs work.

When data on a blockchain is accessed or altered, the record is stored in a “block” alongside the records of other transactions. Stored transactions are encrypted via unique, unchangeable hashes, such as those created with the SHA-256 algorithm. New data blocks don’t overwrite old ones; they are appended together so that any changes can be monitored. And since all transactions are encrypted, records are immutable—so any changes to the ledger can be recognized by the network and rejected.

These blocks of encrypted data are permanently “chained” to one another, and transactions are recorded sequentially and indefinitely, creating a perfect audit history that allows visibility into past versions of the blockchain.

When new data is added to the network, the majority of nodes must verify and confirm the legitimacy of the new data based on permissions or economic incentives, also known as consensus mechanisms. When a consensus is reached, a new block is created and attached to the chain. All nodes are then updated to reflect the blockchain ledger.

In a public blockchain network, the first node to credibly prove the legitimacy of a transaction receives an economic incentive. This process is called “mining.”

Here’s a theoretical example to help illustrate how blockchain works. Imagine that someone is looking to buy a concert ticket on the resale market. This person has been scammed before by someone selling a fake ticket, so she decides to try one of the blockchain-enabled decentralized ticket exchange websites that have been created in the past few years. On these sites, every ticket is assigned a unique, immutable, and verifiable identity that is tied to a real person. Before the concertgoer purchases her ticket, the majority of the nodes on the network validate the seller’s credentials, ensuring that the ticket is real. She buys her ticket and enjoys the concert.

What is proof of work and how is it different from proof of stake?

Remember the idea of consensus mechanisms mentioned earlier? There are two ways blockchain nodes arrive at a consensus: through private blockchains, where trusted corporations are the gatekeepers of changes or additions to the blockchain, or through public, mass-market blockchains.

Most public blockchains arrive at consensus by either a proof-of-work or proof-of-stake system. In a proof-of-work system, the first node, or participant, to verify a new data addition or transaction on the digital ledger receives a certain number of tokens as a reward. To complete the verification process, the participant, or “miner,” must solve a cryptographic question. The first miner who solves the puzzle is awarded the tokens.

Originally, people on various blockchains mined as a hobby. But because this process is potentially lucrative, blockchain mining has been industrialized. These proof-of-work blockchain-mining pools have attracted attention for the amount of energy they consume.

In September 2022, Ethereum, an open-source cryptocurrency network, addressed concerns about energy usage by upgrading its software architecture to a proof-of-stake blockchain. Known simply as “the Merge,” this event is seen by cryptophytes as a banner moment in the history of blockchain. With proof-of-stake, investors deposit their crypto coins in a shared pool in exchange for the chance to earn tokens as a reward. In proof-of-stake systems, miners are scored based on the number of native protocol coins they have in their digital wallets and the length of time they have had them. The miner with the most coins at stake has a greater chance to be chosen to validate a transaction and receive a reward.

How can businesses benefit from blockchain?

Research suggests that blockchain and DLTs could create new opportunities for businesses by decreasing risk and reducing compliance costs, creating more cost-efficient transactions, driving automated and secure contract fulfilment, and increasing network transparency. Let’s break it down further:

Reduced risk and lower compliance costs. Banks rely on “know your customer” (KYC) processes to bring customers on board and retain them. But many existing KYC processes are outdated and drive costs of as much as $500 million per year, per bank. A new DLT system might require once-per-customer KYC verification, driving efficiency gains, cost reduction, and improved transparency and customer experience.

Cost-efficient transactions. Digitizing records and issuing them on a universal ledger can help save significant time and costs. In a letter-of-credit deal, for example, two companies opted for a paperless solution and used blockchain to trade nearly $100,000 worth of butter and cheese. By doing so, a process that previously took up to ten days was reduced to less than four hours—from issuing to approving the letter of credit.

Automated and secure contract fulfilment. Smart contracts are sets of instructions coded into tokens issued on a blockchain that can self-execute under specific conditions. These can enable automated fulfilment of contracts. For example, one retailer wanted to streamline its supply-chain-management efforts, so it began recording all processes and actions, from a vendor to customer, and coding them into smart contracts on a blockchain. This effort not only made it easier to trace the provenance of food for safer consumption but also required less human effort and improved the ability to track lost products.

How are blockchain, cryptocurrency, and decentralized finance connected?

Blockchain enables buyers and sellers to trade cryptocurrencies online without the need for banks or other intermediaries.

All digital assets, including cryptocurrencies, are based on blockchain technology. Decentralized finance (DeFi) is a group of applications in cryptocurrency or blockchain designed to replace current financial intermediaries with smart contract-based services. Like blockchain, DeFi applications are decentralized, meaning that anyone who has access to an application has control over any changes or additions made to it. This means that users potentially have more direct control over their money.

What else can blockchain be used for?

Cryptocurrency is only the tip of the iceberg. Use cases for blockchain are expanding rapidly beyond person-to-person exchanges, especially as blockchain is paired with other emerging technology.

Examples of other blockchain use cases include the following:

With blockchain, companies can create an indelible audit trail through a sequential and indefinite recording of transactions. This allows for systems that keep static records (of land titles, for example) or dynamic records (such as the exchange of assets).

Blockchain allows companies to track a transaction down to its current status. This enables companies to determine exactly where the data originated and where it was delivered, which helps to prevent data breaches.

Blockchain supports smart contracts, which are programs that trigger transactions automatically upon fulfilment of contract criteria.

What are some concerns about the future of blockchain?

While blockchain may be a potential game-changer, doubts are emerging about its true business value. One major concern is that for all the idea-stage use cases, hyperbolic headlines, and billions of dollars of investment, there remain very few practical, scalable use cases of blockchain.

One reason for this is the emergence of competing technologies. In the payments space, for example, blockchain isn’t the only fintech disrupting the value chain—60 per cent of the nearly $12 billion invested in US fintech in 2021 was focused on payments and lending. Given how complicated blockchain solutions can be—and the fact that simple solutions are frequently the best—blockchain may not always be the answer to payment challenges.

Looking ahead, some believe the value of blockchain lies in applications that democratize data, enable collaboration, and solve specific pain points. McKinsey research shows that these specific use cases are where blockchain holds the most potential, rather than those in financial services.

How might blockchain evolve?

In the next five years, McKinsey estimates that there will be two primary development horizons for blockchain:

Growth of blockchain as a service (BaaS). BaaS is a cloud-based service that builds digital products for DLT and blockchain environments without any setup requirements for infrastructure. This is currently being led by Big Tech companies.

Interoperability across blockchain networks and outside systems. Increased interoperability will mean that disparate blockchain networks and external systems will be able to view, access, and share one another’s data while maintaining integrity. Hardware standardization and scalable consensus algorithms will enable cross-network use cases—such as the Internet of Things on blockchain infrastructure.

These trends will be enabled partly because of increased pressure from regulators and consumers demanding greater supply chain transparency, and partly because of economic uncertainty, as consumers seek out independent, centrally regulated systems. And large corporations launching successful pilots will build confidence in consumers and other organizations.

Potential growth could be inhibited by a few factors: for one, several well-known applications have inherently limited scalability, including energy or infrastructure requirements. Further, uncertainty about regulatory or governance developments could keep consumers shy—for instance, if there is a lack of clarity on who will enforce smart contracts. And, finally, the unresolved threat of cyberattacks remains a fear for potential blockchain users.

What do NFTs have to do with blockchain?

Nonfungible tokens (NFTs) are minted on smart-contract blockchains such as Ethereum or Solana. NFTs represent unique assets that can’t be replicated—that’s the nonfungible part—and can’t be exchanged on a one-to-one basis. These assets include anything from a Picasso painting to a digital lolcat meme. Because NFTs are built on top of blockchains, their unique identities and ownership can be verified through the ledger. With some NFTs, the owner receives a royalty every time the NFT is traded.

The NFT market is extremely volatile: in 2021, one NFT created by the digital artist Mike Winkelmann, also known as Beeple, was sold at Christie’s for $69.3 million. But NFT sales have shrunk dramatically since the summer of 2022.

How secure is blockchain?

Blockchain has been called a “truth machine.” While it does eliminate many of the issues that arose in Web 2.0, such as piracy and scamming, it’s not the be-all and end-all for digital security. The technology itself is essentially foolproof, but, ultimately, it is only as noble as the people using it and as good as the data they are adding to it.

A motivated group of hackers could leverage the blockchain’s algorithm to their advantage by taking control of more than half of the nodes on the network. With this simple majority, the hackers have the consensus and thus the power to verify fraudulent transactions.

In 2022, hackers did exactly that, stealing more than $600 million from the gaming-centred blockchain platform Ronin Network. This challenge, in addition to the obstacles regarding scalability and standardization, will need to be addressed. But there is still significant potential for blockchain, both for business and society.

Articles referenced include:

“McKinsey Technology Trends Outlook 2022,” August 24, 2022

“Forward Thinking on tech and the unpredictability of prediction with Benedict Evans,” April 6, 2022, Janet Bush and Michael Chui

“Seven technologies shaping the future of fintech,” November 9, 2021, Dick Fong, Feng Han, Louis Liu, John Qu, and Arthur Shek

“CBDC and stablecoins: Early coexistence on an uncertain road,” October 11, 2021, Ian De Bode, Matt Higginson, and Marc Niederkorn

“Blockchain and retail banking: Making the connection,” June 7, 2019, Matt Higginson, Atakan Hilal, and Erman Yugac

“Blockchain 2.0: What’s in store for the two ends—semiconductors (suppliers) and industrials (consumers)?” January 18, 2019, Gaurav Batra, Rémy Olson, Shilpi Pathak, Nick Santhanam, and Harish Soundararajan

“Blockchain’s Occam problem,” January 4, 2019, Matt Higginson, Marie-Claude Nadeau, and Kausik Rajgopal

“Blockchain explained: What it is and isn’t, and why it matters,” September 28, 2018