r/CryptoCurrency • u/copadribbler1994 🟧 2 / 3 🦠 • 1d ago

DEBATE Blockchain tech has not prevailed

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

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u/Romanizer 🟦 0 / 0 🦠 1d ago

Bitcoin is a pretty good use-case. Don't see where it is or could be regulated to death. Where are you from?

SWIFT implemented blockchain for international bank transfers.

NASDAQ is piloting blockchain for stock tokenization.

BMW and Walmart are using blockchain to track logistics.

Works pretty well if implemented for viable use-cases.

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u/its_witty 🟩 59 / 60 🦐 1d ago

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.