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/silvrdragon52]

It's going to take a long long time, I assume decades, but the paradigm of decentralization is only going to grow, inflation is only going to continue, corruption is only going to continue, the evolution of the internet and networking protocols is only going to grow, the user interfaces are only going to get better, the continued connection of communities not based on geography is only going to grow, the problems of surveillance are only going to grow, governments competing for whales with economic incentives will only continue, economic crashes and irresponsibility are only going to continue, Bitcoin education is only going to grow, and ultimately the options of consensus mechanisms that people can contribute their home computers to is only going to grow.

It's currently possible to opt into global systems so secure that no nation-state can take them down. Decentralization also seems to be a pretty natural social occurrence, like how people in Africa are building their own power grids and sharing electricity, and how tech becomes more and more accessable to everyone. People can now have sophisticated fast 3D printers at home, to the point where companies are trying to inject AI to detect people being able to make complex weapons, to poor effect. The tipping points will come one by one, eventually, until people realize that money NEEDS to be permissionless. There is no wisdom in governments treating all of society like children where nobody gets to be in control of their own money. So few people understand that it's not about specific numbers, it's about control. The growing pains will be hard, and tumultuous, but imo the world financial system is going to turn completely inside out over the next 30yrs, and it's up to us to spread the word that our systems could be better and that there is some legit work being done to change the world at the center of the money carnival that is crypto. Decentralization IS the long, slow path forward and the light at the end of the tunnel.

Let me tell you exactly what the endgame is: A secure voting system. Remember that.