SINGAPORE - The blockchain industry in Singapore and elsewhere will survive virtually unscathed from the ripple effects of TerraUSD's shocking meltdown that has shaken investor confidence in cryptocurrencies.

That is because the use of the distributed ledger technology, which forms the foundation of all crypto assets, goes far beyond powering digital currencies. In fact, cryptocurrencies have yet to prove their worth as a dependable and scalable means of payment versus traditional finance.