as hostile as people are to block chain due to NFT’s and bad implementations, the technology itself has its use cases. It’s a great solution for information exchange that requires verification and Immutation. This makes them perfect for ledgers or transaction networks.
It’s just there is so much bad PR regarding it everyone just discredits it. Not all of the block chain technologies are massively energy intensive per transaction, it’s just many of the cryptocurrencies use the most intensive one because it’s also arguably the most secure
Absolute immutability is kind of a terrible property for a financial system though, cos it completely ignores the fact that mistakes and fraud happen and you need a way to forcefully recover funds other than “lol sucks to be you I guess”.
The one actually genuinely useful application for this kind of technology that anyone has come up with is Certificate Transparency, but crypto people don’t get excited about it cos it’s not possible to make money from it.
You can implement clawback while still having an immutable blockchain. The transaction will always stay on the blockchain, but the funds can be recovered
this is how it should be anyway, you do not want any ledger or database to be mutable because it allows for integrity violations and will cause you to lose the ability to trust it. Even non-blockchain styles follow that principle.
as hostile as people are to block chain due to NFT’s and bad implementations, the technology itself has its use cases. It’s a great solution for information exchange that requires verification and Immutation. This makes them perfect for ledgers or transaction networks.
It’s just there is so much bad PR regarding it everyone just discredits it. Not all of the block chain technologies are massively energy intensive per transaction, it’s just many of the cryptocurrencies use the most intensive one because it’s also arguably the most secure
Absolute immutability is kind of a terrible property for a financial system though, cos it completely ignores the fact that mistakes and fraud happen and you need a way to forcefully recover funds other than “lol sucks to be you I guess”.
The one actually genuinely useful application for this kind of technology that anyone has come up with is Certificate Transparency, but crypto people don’t get excited about it cos it’s not possible to make money from it.
You can revert transactions with immutable storage. For example git can do revert-commits.
You can implement clawback while still having an immutable blockchain. The transaction will always stay on the blockchain, but the funds can be recovered
this is how it should be anyway, you do not want any ledger or database to be mutable because it allows for integrity violations and will cause you to lose the ability to trust it. Even non-blockchain styles follow that principle.