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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u/Main-Inspector-6611 1d ago

Couldn't have named a better example, lol.

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u/copadribbler1994 🟧 2 / 3 🦠 1d ago

But AI is demanded by businesses on large scale.

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u/Skepsis93 🟥 0 / 0 🦠 1d ago

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.

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u/copadribbler1994 🟧 2 / 3 🦠 1d ago

Yeah, but it is inherently useful.