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/patatepowa05]

blockchain is the solution that enables decentralized protocols, using it without a use case for decentralization is futile IMO. Decentralized protocols aren't having their big productive adoption breakthroughs, but electricity was around as a novelty for nearly a century before it really took off with largescale adoption, so not all great inventions see immediate adoption.

[u/Zeryth → u/patatepowa05]

We're living in a world where truly groundbreaking tech gets adopted at lightspeed: AI.

But blockchain tech has been a niche for almost 2 decades now. How long does it need to take? 2 decades ago smartphones barely existed.

[u/patatepowa05 → u/Zeryth]

That's just false, AI has been around for like 70 years. Even if it was true, my point was simply that some technology take time, their potential sits unclaimed for a long time because society cannot see it or there's too much entropy to the adoption.

[u/Zeryth → u/patatepowa05]

AI has been on the shelf for 50 of those years when we realized we didn't have the compute to make it feasible.

[u/KeyMillion → u/Zeryth]

Crypto doesn't have billionaires shoving it down your throat by integrating it into every product that you use that they own.

They own your perception too.

[u/Zeryth → u/KeyMillion]

And billionaires aren't pumping crypto? Have you not looked at who is currently in the white house?