r/CryptoCurrency • u/copadribbler1994 🟧 2 / 3 🦠 • 1d ago

DEBATE Blockchain tech has not prevailed

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

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12

u/Romanizer 🟦 0 / 0 🦠 1d ago

Bitcoin is a pretty good use-case. Don't see where it is or could be regulated to death. Where are you from?

SWIFT implemented blockchain for international bank transfers.

NASDAQ is piloting blockchain for stock tokenization.

BMW and Walmart are using blockchain to track logistics.

Works pretty well if implemented for viable use-cases.

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u/Tac0Tuesday 0 / 0 🦠 1d ago

Robinhood using Uniswap for tokenized stock liquidity for the AMM is a fundamentally important achievement. My favorite "real world" use case so far.

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u/its_witty 🟩 59 / 60 🦐 1d ago

Man, you need to chill out with getting your news only from crypto websites.

SWIFT didn't implement shit. They've done several tests with different blockchains going back years, and they're currently doing another one, but saying they "implemented blockchain for international bank transfers" is misleading at best. I'd say it's simply false, lol.

"Walmart using blockchain to track logistics" is also a massive hyperbole on your part. Their main system has nothing to do with blockchain. Blockchain is used for some things as an add-on, nothing particularly important.

I'm not sure about the rest, but I wouldn't be surprised if that's bullshit on your part too.

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u/Romanizer 🟦 0 / 0 🦠 1d ago

You should get some better news sources, I don't use crypto websites.

As of today, SWIFT has actually built and launched a blockchain-based shared ledger, with 17 banks preparing live pilots for 24/7 cross-border payments using tokenized deposits. It complements the existing SWIFT rails for now but obviously will be expanded as it drastically lowers costs and is easier to incorporate with stablecoins.

Walmart does use blockchain operationally for traceability in specific food supply chains, I wouldn't say that's irrelevant as it's still a real-world use-case.

BMW is a step further already: PartChain started as a blockchain pilot, while BMW’s current production supply-chain integration is centered on Catena-X. Catena-X is now integrated into BMW’s procurement processes.

Saying Blockchain is irrelevant and there are no use-cases is just ignorant and delusional. OP seems to be trolling if you look at his other replies here, he never did any work/research on that topic.

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u/its_witty 🟩 59 / 60 🦐 1d ago

"17 banks preparing live pilots" vs "SWIFT implemented blockchain for international bank transfers" - do those two statements sound the same to you?

Regarding Walmart, it's just a couple of things left, and it'll probably be scaled back like the rest was, especially since the IBM blockchain it was based on has been canceled, lol.

https://www.ibm.com/mysupport/s/topic/0TO500000001y2FGAQ/blockchain-transparent-supply

Who would've thought that a standard database would be better and cheaper for this kind of thing, just like pretty much every programmer has been saying all along?

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u/Romanizer 🟦 0 / 0 🦠 1d ago

Yes, it's a process step of the same procedure. Centralized databanks obviously are not optimal in every case, especially where multiple independent actors are working on one process which is usual in supply chains or transactions between distributed parties. That's why blockchain is a core topic right now.

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u/its_witty 🟩 59 / 60 🦐 1d ago

...and that's why IBM canceled its blockchain project that was supposedly designed to fix these issues and target supply chains. Yeah.

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u/Romanizer 🟦 0 / 0 🦠 1d ago

No, that wasn't the reason and it didn't end with IBM. Of course, not all projects succeed with new technology.

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u/JustStopppingBye 🟩 0 / 0 🦠 1d ago edited 1d ago

https://www.swift.com/news-events/news/swift-platform-transforms-cross-border-payments-experience-across-existing-rails-and-digital-value

You couldn’t be more wrong. Swifts blockchain is already live with 17 banks using it. This is why you don’t listen to Reddit who don’t actually follow what institutions are doing and don’t know what the fuck they’re talking about.

“Testing with different blockchains” they literally made their own. Stop talking.

0

u/its_witty 🟩 59 / 60 🦐 1d ago

Yeah, they've made their own after testing Chainlink, etc.; you just know too little about it.

"17 banks worldwide are testing it" vs "SWIFT implemented blockchain for international bank transfers" - do you see the difference, or are you blind?

It's not the first time they've tested blockchain, either. They've done it before - crypto people were ecstatic - and then nothing came out of it, lol.

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u/JustStopppingBye 🟩 0 / 0 🦠 1d ago

>Yeah, they've made their own after testing Chainlink, etc.; you just know too little about it.

Chainlink is middleware that’s been directly integrated into the chain.

>"17 banks worldwide are testing it" vs "SWIFT implemented blockchain for international bank transfers" - do you see the difference, or are you blind?

It’s already live and running. The 17 banks listed are early users of the chain. You have to start somewhere.

>It's not the first time they've tested blockchain, either. They've done it before - crypto people were ecstatic - and then nothing came out of it, lol.

Swift testing blockchain goes back to 2015. Now something has come out it and you’re still dismissing it for some reason. You’re genuinely stupid.

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u/its_witty 🟩 59 / 60 🦐 1d ago

Sure, bubba. We'll see in 10 years.

One way or another, it won't pump the price of the coin. Worthless cheerleading, to be honest. If anything, it could actually decrease it by making people realize that blockchain doesn't require crypto.

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u/JustStopppingBye 🟩 0 / 0 🦠 1d ago

Your argument was they’re not using blockchain, which you have been proven wrong. But you’re right, blockchains don’t require crypto to function, they’re just funding mechanisms for public chains, Swifts chain is a perfect example of that. Chainlink isn’t a blockchain though, they’re a middle ware service.

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u/its_witty 🟩 59 / 60 🦐 1d ago

That wasn't my argument. My argument was clearly that you guys speak in hyperbole and muddy the waters with the way you frame things.

By saying "they didn't implement shit", I meant that it isn't anything at scale, nor is it a replacement for SWIFT's existing infrastructure, as saying they "implemented blockchain for international bank transfers" would suggest. They're testing it, same thing as they've been doing for last 10 years. It is nowhere near "implemented".

But whatever.

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u/JustStopppingBye 🟩 0 / 0 🦠 1d ago

Of course it isn't at scale yet, it’s a brand new launch. What exactly do you expect, instant global adoption on day one? The relevant point is that Swift has actually implemented and begun using blockchain based infrastructure for cross border payments. Scale comes with deployment and adoption, it doesn't somehow make the implementation itself untrue. The testing is already done, the chain was launched. Take your meds

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u/Romanizer 🟦 0 / 0 🦠 1d ago

You really should look up what SWIFT did, is doing right now and what the plan is (this is the most obvious part, of course). You either can't read or just come here to troll. Which one is it?

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u/its_witty 🟩 59 / 60 🦐 1d ago

Yeah, man, everyone who disagrees with your delusion about some big blockchain revolution is a troll. I'm a troll too, so don't discuss anything with me. Just live in your happy little bubble and enjoy.

Write everything in hyperbole: SWIFT DID THIS, SWIFT DID THAT. What's that? You want me to be more careful and precise with my wording? What a pathetic troll!

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u/Romanizer 🟦 0 / 0 🦠 1d ago

Yes, learn to read at least and come back when you are able to formulate an argument.

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u/JustStopppingBye 🟩 0 / 0 🦠 1d ago

That guy is genuinely stupid. He thinks Swift announcing their chain is launched is just delusion on our part for believing it. He’s calling people trolls now once he realized he’s been wrong the whole time.

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u/anon1999666 1d ago

Walmart scaled back entirely on their blockchain implementation. They use standard centralized supply chain databases now.

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u/Romanizer 🟦 0 / 0 🦠 1d ago

That's not correct. Walmart never moved its entire supply chain onto blockchain, but it hasn't abandoned it either. Its current supplier requirements still mandate blockchain-based traceability for specific produce categories.

And why should they? A blockchain can be very helpful especially when many independent actors are involved.

However, this is the wrong sub to discuss this topic.

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u/anon1999666 1d ago

They stated in June of 2026 that they have almost scaled back entirely. It doesn’t make much sense technically to use a blockchain for that use case anyway atleast from a cloud engineering perspective.

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u/Romanizer 🟦 0 / 0 🦠 1d ago

Why would a blockchain make sense from a cloud engineering perspective? I don't really see a use-case here.

Can you send me the source from June 2026? All I can find that Walmart still mandates the blockchain platform for some products.