Member-only story
Is Blockchain Dead? ChatGPT, Hail To The New King!
For years, blockchain has been heralded as the revolutionary technology poised to redefine industries, promising transparency, security, and decentralization. Yet, as we progress through 2024, a question looms large: Is blockchain dead?
Meanwhile, artificial intelligence, particularly language models like ChatGPT, has surged ahead as the torchbearer of innovation.
What happened to blockchain’s promised utopia, and why is AI now the undisputed leader in the tech race?
The Blockchain Boom and Bust
Blockchain’s meteoric rise began with Bitcoin in 2009 and exploded into a frenzy with Ethereum’s smart contracts. Companies across industries scrambled to incorporate blockchain into their operations. The potential seemed limitless: financial systems without banks, digital ownership without intermediaries, and contracts enforced without lawyers.
However, this enthusiasm began to wane. Here are some reasons why blockchain might be losing its crown:
- Scalability Issues: Public blockchains like Bitcoin and Ethereum often struggle with slow transaction speeds and high costs, making mass adoption challenging.
- Overhype vs. Reality: Despite its potential, many blockchain-based projects are overpromised…
