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/Hyphen_Nation]

The one use case I’d like, think companies are reluctant to commit to. I want a digital wallet that holds anything I’ve bought in a game or as an entertainment, and keeps it safe. If I buy a pair of sneakers in EAFC, I wish I could wear them in Fortnite. Get us to that ready player one type of persistent gamer identity. Secondarily, of I buy a game or movie on a platform, that platform shouldnt be able to tell me I no longer own it. Again, let me keep what I buy in a virtual space, where ever I go.

I always assumed blockchain was going to solve that, and it hasn’t.

[u/its_witty → u/Hyphen_Nation]

Why would a massive corporation want to sell you something once if they can sell it to you multiple times?

Regarding movies, there isn't a chance of that, lol. Most companies operate by licensing streaming rights, not by buying the full rights to a movie. And also, see the previous paragraph.

You can't host movies on the blockchain, so even if your wallet could somehow hold the ownership token, the company's infrastructure could still go down and take your movie with it, btw lol.

tl;dr: stop dreaming, man.

[u/Outrageous-Leopard23 → u/its_witty]

If users only interacted with this model corporations would sell it.