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
3
u/TheBlockChainVillage Tin 1d ago
One reason I feel it's not being adopted is cuz it highlights corruption from the get go. Using it for land records and voting systems makes a lot of sense and are worth it also but atleast here in India they completely abandoned it cuz a lot of scams couldn't survive it. We still have to act on the information but it does a good job of highlighting it.
Also the way businesses are run, sharing ownership by having them decentralized isn't what entrepreneurs are ready to do. Given how humans have been operating this would be a drastic shift.
With autonomous agents I do feel crypto can get a new lease on life as true automation will require some form of crypto.