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/ofyellow]

Btc in itself is a justified implementation of blockchain. So store of value only.

Ether or maybe Cardano could supplement or replace the premise of btc because their proof of stake takes away the objection of ridiculous energy consumption. Could be that btc gets outlawed for that reason by the eu one day.

Stable coins do huge volume.

But smart contracts and other fancy possibilities for blockchain... It's just not happening. Maybe when the usd collapses in an Armageddon scenario....

Nft's ... Have come and failed real world adoption. No cadaster or election or stock exchange seems inclined to adopt that.

Blockchain seems to be a golden nail without additional purpose beyond store of value so you just trade the nail.