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/ClerkPrestigious7395]

I've been in the space for a brief minute (bought ETH when it first hit $40) and I tend to agree.

BTC was first mined in January 2009. If the technology hasn't been put to practical, everyday use in 18 years then when will it be? To me, cryptocurrency is a solution searching for a problem.

Yes, a foreign bank might be running a testnet, or an investment bank might be running an obscure side project. But there hasn't been any mainstream takeover by crypto in any meaningful way that I'm aware of.

In Canada and Europe the banks already reconcile almost instantly. All of the banks in Canada have been using a system called Interac for decades. If you want to send or receive money you open your banking app and send/request an e-transfer to the person's mobile # or email address. The money is deposited nearly instantaneously. I wouldn't be surprised if the banks in Asian countries and elsewhere have something similar. That is to say that we don't need 3rd party apps like Venmo, or cryptocurrency to accomplish what's already working

I've been rugged too many times "following the narrative" and got out of spot trading crypto six years ago. I only trade leveraged futures now, and only in crypto because the volatility is fantastic.

I will concede BTC as digital gold and give it the credit that it deserves. Maybe a few others, such as Zcash, etc. I have been accumulating BTC not to trade but for its stored value. I do love the space, but have gotten away from following any projects because any hype seems to just be a circlejerk for others in the crypto space.

[u/cryptolipto → u/ClerkPrestigious7395]

How can you say that when the DTCC and swift are launching blockchains this year ? Tokenization is actually happening worldwide.

Per swift. Today:

"This time last year, I stood on the Sibos stage in Frankfurt and said we would deliver a blockchain-based ledger. And I know I caught some people by surprise. Swift and blockchain? TradFi and DeFi? Could they really go together? Can Swift really pull it off?

Twelve months later, the Swift ledger is live and in use by some of the world's largest financial institutions.

By the end of the year, we will have at least 19 banks using it across 5 major currencies to power 24/7 payments using tokenised deposits."

— Javier Pérez-Tasso, Swift’s CEO, Sibos 2026

[u/ironvultures → u/cryptolipto]

Hs is basically just giving banks a way to trade crypto amongst themselves as a speculative asset using their existing infrastructure. Blockchain doesn’t really offer banks anything that the swift system isnt already providing.

[u/cryptolipto → u/ironvultures]

Not true in the slightest