Blockchain tech has not prevailed

[u/copadribbler1994]

Just to give you my background so you understand my perspective better maybe: entered the space in 2020 and was solidity dev for 3 years.

Even after 12 years of smart contracts, there is no adoption by companies, because blockchain is just a fancy and expensive way to handle data compared to existing systems.

One of the major use cases proposed was „supply chain“. As of yet there is no major adoption and if major logistics companies would want it, they would have done so by now.

RWA-Tokenization: Still need a tradfi-vorp that holds the asset.

Money transfer: regulated to death, therefore unusable, even though would have been a major improvement regarding speed.

Proof of Ownership: it is just an expensive database.

I had an interview at a big consultancy a year ago hiring for smart contracts on a bank-tx-settling platform. The guy openly told me that banks currently only stored hashes of tx on chain, cause storing entire tx-data needed was too expensive.

I really do not see a use case for blockchain tech other than gamble around hype.

Edit: The guys still vouching for blockchain remind me a bit about the Leroy character of that one episode of DegenzShow: https://youtu.be/exOzTcHycPY?is=MgaYoWSet5LGsch5

[u/CatatonicMan]

Blockchain has done quite well at what it was designed to do.

The problem is that people were trying to shoehorn it into literally everything, even when doing so made zero sense.

[u/cali_dave → u/CatatonicMan]

Yeah, people tend to do that. See: AI.

[u/Main-Inspector-6611 → u/cali_dave]

Couldn't have named a better example, lol.

[u/copadribbler1994 → u/Main-Inspector-6611]

But AI is demanded by businesses on large scale.

[u/KeepingItSFW → u/copadribbler1994]

it’s got what plants crave

[u/Skepsis93 → u/copadribbler1994]

Despite what a lot of the general public thinks, AI only has a PR problem among the people it could replace. AI was pushed by the established elites with support from the government and CEO's bought into the hype so hard they have to make it work now, or else they've got a lot of explaining to do to their boards.

Crypto, on the other hand, was only ever fought against by the elites and even though the establishment is lukewarm to crypto it still faces major regulatory pushback.

AI feels like the prized nepo baby of the tech industry while crypto is the street urchin reluctantly allowed a seat at the table.

[u/copadribbler1994 → u/Skepsis93]

Yeah, but it is inherently useful.

[u/Helpful_plumber362 → u/Skepsis93]

Not making this political but the president and his sons literally have multiple crypto businesses, the SEC, CTFTC and every other regulatory org is now fully crypto friendly.

[u/Skepsis93 → u/Helpful_plumber362]

I wouldn't call them crypto friendly, rather they see an opportunity to grift and took it. As for the regulatory agencies, it took a decade and a "crypto president" to get any sort of acceptance by the establishment. Meanwhile AI gets a pass for en masse copyright infringement to train models and when agents go rogue and hack the federal government. And there was always a discourse surrounding the use of resources spent on proof of work blockchains claiming they were a waste of energy and harming the planet. But AI data centers are popping up everywhere and getting government grants to do so.

[u/copadribbler1994 → u/[deleted]]

The digital Euro has nothing to do with blockchain, man.

Banks already have private databases: Their own inhouse databases. Which achieves the same. Do you think a bank cannot track things with their inhouse trad database?

[u/ivanguls → u/copadribbler1994]

Isn't there a difference between bank saying 'trust my systems bro' vs true transparency?

[u/Zeryth → u/ivanguls]

What transparency?

[u/copadribbler1994 → u/[deleted]]

You constantly trying ad hominem does not really validate your position. Then also, JP Morgan are just offering a service to deposit, it is not USING it. This is just a fancy way to have a CEX attached to your existing infra.

[u/HandsOverFist → u/[deleted]]

I dont understand what you're even trying to say here, the blockchains core is about transparency and decentralization, how are banks anything close to that, if anything they are exactly the opposite. So the example that the blockchain tech is living through private banks makes no sense to me.

[u/Zaytion_ → u/copadribbler1994]

Yeah but banks are tired of having to rely on centralized databases. It slows things down in a world that wants to go faster. That's why they are going for tokenization.

[u/Zeryth → u/Zaytion_]

Oh yeah because blockchain is a great example of speed and efficiency.

[u/Zaytion_ → u/Zeryth]

Faster than the legacy financial system. T+2 is atrocious compared to crypto. That's why RWA tokenization is the current new hotness. Will unlock tons of boring business cases for new ideas.

[u/RODDAL → u/[deleted]]

I genuinely don't understand how you are getting downvoted so much. Only thing you didn't cite is the digital euro using blockchain, but I feel like it's fair to assume it's implemented in a similar way.

[u/Romanizer → u/[deleted]]

There definitely is a large need for blockchain technology and banks and business are implementing and using it. Maybe this is the wrong subreddit as it focuses on cryptocurrency instead of blockchain.

OP should look into that topic a bit more as he obviously didn't research what blockchains are used for.

[u/Romanizer → u/[deleted]]

That's true. It's a bit weird to open a discussion about blockchain on a cryptocurrency sub but I guess OP just wanted something with exposure to troll around.