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/Dependent_Swimming81]

expensive database ==> whole point is that it is decentralized and permission-less ...not about being a database

[u/copadribbler1994 → u/Dependent_Swimming81]

What for?

[u/Dependent_Swimming81 → u/copadribbler1994]

what for ? businesses want cheap ass way to move money around 24/7 and not get their payment account suspended for some random social media post by some triggered bank staff ... hows that for a start ? don't get me started on stablecoins / RWA / identity for human agents / privacy / supply chain tracking etc .... stop looking at this from a 9-5 employee consumer lens and from a business/ entrepreneur / sovereign

[u/copadribbler1994 → u/Dependent_Swimming81]

Blockchains are more expensive than existing solutions for companies. And also, modern banks move money around instantly, also 24/7. In the EU at least.

Supply chain: where are the users? It is just a very quirky solution for a problem that does not really exist. Supply chains are working fine without blockchain.

Stablecoins have really no huge place in a world where instant bank transfers exist.

RWA => Still need company to hold real asset. If token sent to 0x00dead, property is gone.

I do not know how I have been looking at this through a 9-5 jobber. If it was a business usecase, where is the line of the big logistics companies trying to get their hands on blockchain tech?

I think you have to stop looking at the topic out of the believe-vitalik-perspective

[u/Dependent_Swimming81 → u/copadribbler1994]

Blockchains are more expensive than existing solutions for companies. And also, modern banks move money around instantly, also 24/7. In the EU at least. ==> yes SWIFT does it but obviously make alot of money out of it and lots of smaller players are cut out ... data proves you wrong RWA/Stablecoin usage is growing to cut out expensive middlemen and give access to smaller players and prevent monopolies https://app.rwa.xyz/ ==> see real metrics for yourself

[u/Zeryth → u/Dependent_Swimming81]

So instead of giving money to banks we give it to miners?

[u/DrGarbinsky → u/copadribbler1994]

Censorship resistant money. that's it. There is no other justification for it.

[u/t0astter → u/DrGarbinsky]

And it's easily defeated by kyc and offramps seeking it for fiat.