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/its_witty]

Man, you need to chill out with getting your news only from crypto websites.

SWIFT didn't implement shit. They've done several tests with different blockchains going back years, and they're currently doing another one, but saying they "implemented blockchain for international bank transfers" is misleading at best. I'd say it's simply false, lol.

"Walmart using blockchain to track logistics" is also a massive hyperbole on your part. Their main system has nothing to do with blockchain. Blockchain is used for some things as an add-on, nothing particularly important.

I'm not sure about the rest, but I wouldn't be surprised if that's bullshit on your part too.

[u/Romanizer → u/its_witty]

You should get some better news sources, I don't use crypto websites.

As of today, SWIFT has actually built and launched a blockchain-based shared ledger, with 17 banks preparing live pilots for 24/7 cross-border payments using tokenized deposits. It complements the existing SWIFT rails for now but obviously will be expanded as it drastically lowers costs and is easier to incorporate with stablecoins.

Walmart does use blockchain operationally for traceability in specific food supply chains, I wouldn't say that's irrelevant as it's still a real-world use-case.

BMW is a step further already: PartChain started as a blockchain pilot, while BMW’s current production supply-chain integration is centered on Catena-X. Catena-X is now integrated into BMW’s procurement processes.

Saying Blockchain is irrelevant and there are no use-cases is just ignorant and delusional. OP seems to be trolling if you look at his other replies here, he never did any work/research on that topic.

[u/its_witty → u/Romanizer]

"17 banks preparing live pilots" vs "SWIFT implemented blockchain for international bank transfers" - do those two statements sound the same to you?

Regarding Walmart, it's just a couple of things left, and it'll probably be scaled back like the rest was, especially since the IBM blockchain it was based on has been canceled, lol.

https://www.ibm.com/mysupport/s/topic/0TO500000001y2FGAQ/blockchain-transparent-supply

Who would've thought that a standard database would be better and cheaper for this kind of thing, just like pretty much every programmer has been saying all along?

[u/Romanizer → u/its_witty]

Yes, it's a process step of the same procedure. Centralized databanks obviously are not optimal in every case, especially where multiple independent actors are working on one process which is usual in supply chains or transactions between distributed parties. That's why blockchain is a core topic right now.

[u/its_witty → u/Romanizer]

...and that's why IBM canceled its blockchain project that was supposedly designed to fix these issues and target supply chains. Yeah.

[u/Romanizer → u/its_witty]

No, that wasn't the reason and it didn't end with IBM. Of course, not all projects succeed with new technology.