OK but there are actually great uses for blockchain that are completely disconnected from anything you typically see
For example, banks may begin using blockchain for maintaining their internal ledgers. It will help solve a ton of issues around reconciling the transactions from all over the globe
Blockchain has reasonable uses. Really good ones. Crypto and nft bros just completely ruined the image of it
EDIT: I love all the comments demonstrating how little people understand about blockchain. Bitcoin was not the first blockchain, nor is its design the only type of blockchain. Assuming that all blockchain looks like the crypto/nft paradigm is just showing your ignorance.
I love how you can’t provide even a single example of useful Blockchain functionality. Doesn’t mean it *doesn’t exist, but says something… And no, “banking” and “internal ledgers” is not detailed enough to be a sufficient example.
Blockchain has been around as a technology for nearly two decades. If financial institutions thought it could help them you can bet they would be all-in on it by now. As it is, blockchain has no significant advantages over traditional financial ledger systems, so what incentive is there for them to use it.
It’s not something new or cutting edge any more, just waiting for a bright spark to discover the technology and put it to use.
Blockchain is only potentially useful if there’s no single entity that can be trusted. If banks can’t even trust themselves to manage their own internal ledgers, they have much bigger problems to deal with.
Trustless systems aren’t a bad thing that has to step in when the good thing fails. Trustless systems are inherently better because you don’t have to trust a bank (or anyone for that matter).
Additionally, ledgers can be gamed/corrupted/falsified. This is significantly more complex (bordering on impossible) on the blockchain.
OK but there are actually great uses for blockchain that are completely disconnected from anything you typically see
For example, banks may begin using blockchain for maintaining their internal ledgers. It will help solve a ton of issues around reconciling the transactions from all over the globe
Blockchain has reasonable uses. Really good ones. Crypto and nft bros just completely ruined the image of it
EDIT: I love all the comments demonstrating how little people understand about blockchain. Bitcoin was not the first blockchain, nor is its design the only type of blockchain. Assuming that all blockchain looks like the crypto/nft paradigm is just showing your ignorance.
https://www.vice.com/en/article/j5nzx4/what-was-the-first-blockchain
I love how you can’t provide even a single example of useful Blockchain functionality. Doesn’t mean it *doesn’t exist, but says something… And no, “banking” and “internal ledgers” is not detailed enough to be a sufficient example.
How about Git?
How is the blockchain different from a read only ( write only once to be specific) DB that follows ACID?
Blockchains add cryptographic signing and limit actions based on those signatures.
Big words that mean nothing
To you maybe. Maybe other lemmings reading this understand them.
Yeah let’s use the computing power of an entire country to pay for a small coffee.
While that is an inherent component of how proof-of-work cryptos work, and utterly stupid, it’s not an inherent part of how to do blockchains.
You can have a blockchain without consuming stupid amounts of energy.
Yeah it’s called a database…
There aren’t a lot of distributed databases with no single owner and all writes are signed.
Blockchain has been around as a technology for nearly two decades. If financial institutions thought it could help them you can bet they would be all-in on it by now. As it is, blockchain has no significant advantages over traditional financial ledger systems, so what incentive is there for them to use it.
It’s not something new or cutting edge any more, just waiting for a bright spark to discover the technology and put it to use.
https://www.coindesk.com/business/2024/03/12/goldman-sachs-bny-mellon-and-others-test-enterprise-blockchain-for-tokenized-assets/
Blockchain is only potentially useful if there’s no single entity that can be trusted. If banks can’t even trust themselves to manage their own internal ledgers, they have much bigger problems to deal with.
Trustless systems aren’t a bad thing that has to step in when the good thing fails. Trustless systems are inherently better because you don’t have to trust a bank (or anyone for that matter).
Additionally, ledgers can be gamed/corrupted/falsified. This is significantly more complex (bordering on impossible) on the blockchain.
https://youtu.be/bBC-nXj3Ng4