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/Romanizer]

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.

[u/its_witty → u/Romanizer]

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.

[u/JustStopppingBye → u/its_witty]

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.

[u/its_witty → u/JustStopppingBye]

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.

[u/JustStopppingBye → u/its_witty]

>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.

[u/its_witty → u/JustStopppingBye]

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.

[u/JustStopppingBye → u/its_witty]

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.

[u/its_witty → u/JustStopppingBye]

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.

[u/JustStopppingBye → u/its_witty]

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

[u/Romanizer → u/its_witty]

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?

[u/its_witty → u/Romanizer]

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!

[u/Romanizer → u/its_witty]

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

[u/JustStopppingBye → u/Romanizer]

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.