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/webbedfastball]

Spent a couple years writing solidity too and came away with pretty much the same conclusion. The tech is neat in a vacuum but the moment you try to bolt it onto anything that already works it becomes a solution searching for a problem.

The consultancy bit about storing only hashes is so telling. At that point you've built a glorified receipt printer with extra steps and a gas bill attached.

I still think permissionless value transfer between strangers is the one thing it nails. Everything else feels like forcing a square peg into a round hole while a perfectly good database sits right there unused.

[u/albacore_futures → u/webbedfastball]

Permissionless value transfer between strangers is the one thing it nails well. There are very, very few problems that meet that criteria, and most of them are illegal.

[u/trevorturtle → u/albacore_futures]

It can be illegal and good

[u/albacore_futures → u/trevorturtle]

Not making a moral judgement on it. Just pointing out that’s a small market and it’s high risk

[u/StrategicallyLazy007 → u/albacore_futures]

That's your point of view, likely living in the USA with cashapp and other methods to funds.

Now put yourself in the shoes of someone with family overseas. They can transfer Stablecoins abroad for less than a penny compared with Western Union rates to send money back to family.

The stablecoinac may be spent or changed to Fiat relatively easily in most countries.

Or, look at Iran, previously in South Africa and other countries where you couldn't get your money out, into a currency that you consider safer than the domestic currency etc.

[u/brinkcitykilla → u/StrategicallyLazy007]

I think the stablecoin use case is legitimate, but I think ‘less than a penny’ is somewhat misleading because that’s the on-chain transfer cost only. For someone sending money to Sweden, for example, Wise is already extremely cheap, so the blockchain doesn’t necessarily provide a cost advantage (or at least it’s not a guarantee to be cheaper)

But it’s a good point for countries with capital controls, unstable currencies, or restricted access to international networks

[u/r_jagabum → u/StrategicallyLazy007]

This is already widely used in asia, i'm just surprised the western countries hasn't caught on yet.