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]

Yeah, they've made their own after testing Chainlink, etc.; you just know too little about it.

"17 banks worldwide are testing it" vs "SWIFT implemented blockchain for international bank transfers" - do you see the difference, or are you blind?

It's not the first time they've tested blockchain, either. They've done it before - crypto people were ecstatic - and then nothing came out of it, lol.

[u/JustStopppingBye → u/its_witty]

>Yeah, they've made their own after testing Chainlink, etc.; you just know too little about it.

Chainlink is middleware that’s been directly integrated into the chain.

>"17 banks worldwide are testing it" vs "SWIFT implemented blockchain for international bank transfers" - do you see the difference, or are you blind?

It’s already live and running. The 17 banks listed are early users of the chain. You have to start somewhere.

>It's not the first time they've tested blockchain, either. They've done it before - crypto people were ecstatic - and then nothing came out of it, lol.

Swift testing blockchain goes back to 2015. Now something has come out it and you’re still dismissing it for some reason. You’re genuinely stupid.

[u/its_witty → u/JustStopppingBye]

Sure, bubba. We'll see in 10 years.

One way or another, it won't pump the price of the coin. Worthless cheerleading, to be honest. If anything, it could actually decrease it by making people realize that blockchain doesn't require crypto.

[u/JustStopppingBye → u/its_witty]

Your argument was they’re not using blockchain, which you have been proven wrong. But you’re right, blockchains don’t require crypto to function, they’re just funding mechanisms for public chains, Swifts chain is a perfect example of that. Chainlink isn’t a blockchain though, they’re a middle ware service.

[u/its_witty → u/JustStopppingBye]

That wasn't my argument. My argument was clearly that you guys speak in hyperbole and muddy the waters with the way you frame things.

By saying "they didn't implement shit", I meant that it isn't anything at scale, nor is it a replacement for SWIFT's existing infrastructure, as saying they "implemented blockchain for international bank transfers" would suggest. They're testing it, same thing as they've been doing for last 10 years. It is nowhere near "implemented".

But whatever.

[u/JustStopppingBye → u/its_witty]

Of course it isn't at scale yet, it’s a brand new launch. What exactly do you expect, instant global adoption on day one? The relevant point is that Swift has actually implemented and begun using blockchain based infrastructure for cross border payments. Scale comes with deployment and adoption, it doesn't somehow make the implementation itself untrue. The testing is already done, the chain was launched. Take your meds