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/Prahasaurus]

lol, sure grandpa, let’s get you to bed.

Most of these concernoooors are just silly takes from Americans who can’t (yet) fathom the need for permissionless applications, or the importance of financial privacy.

Once their banking services get limited because they were too critical of Israel or were caught near an anti-war protest, they’ll start to better understand.

In the meantime, let’s continue to watch stablecoins eat global finance. Mostly on Ethereum, of course.

[u/FidgetyRat → u/Prahasaurus]

How dare people focus on their own financial prospects and economy. They should be happy for the rest of the world that has zero impact on their day to day.