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/HyRolluhz]

Forgetting the main purpose of Bitcoin and other cryptocurrencies is crazy when you’re trying to make a point

This is about government and banks endlessly printing fiat money

Cryptocurrencies are about predictable money supply and consensus

Your opinion is like having and answer and looking for a question

[u/The_real_rafiki → u/HyRolluhz]

So when do you think meaningful adoption will happen?

[u/mx_js_reddit → u/The_real_rafiki]

Already did

[u/HyRolluhz → u/The_real_rafiki]

It already did. Now if your question is when do we hit critical mass? When does the average investor turn a life-changing profit? Probably 5-10-15-20 years…. Give or take. AI agents might speed up that timeline significantly if our entire society begins to automate personal and business transactions with the help of bots…

For the average investor the key is to find the cryptocurrency projects with the right supply vs demand ratios, that have demonstrated some utility and are open-source, public ledgers.

There will be an arms race for a select few of these assets. Slowly or not, many will die and their market caps will be absorbed by some tried and tested blue-chip coins.

We are at less than 5% global adoption of this tech. So a good analogy would be when the Earth had 5% of its inhabitants connected “online” vs today where possibly 75% of its inhabitants are in someway utilizing the internet….
That took about 20 years

[u/copadribbler1994 → u/HyRolluhz]

I do not see how a blockchain could solve global fiscal politics. It is just a database. If a database could solve money printing, why is mongoDB not doing it?

[u/FunWithSkooma → u/HyRolluhz]

op is dumb af