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Please Stop
(jlai.lu)
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this post was submitted on 09 Mar 2024
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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
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.
That's the thing, they shouldn't trust a single source of assumed truth. If the single source is tampered with, there's nothing to compare to.
Removing the need to trust a single entity is just a great security feature
You can implement public or semi public ledgers without Blockchain. That's what banks are doing already by sending huge CSV files internally and externally. Blockchain is not a technology of zero trust. It's close to the opposite. You trust a few peers and blindly trust everyone they trust. That way you trust a network that you know nothing about and if the network decides on a common truth that you are convinced is incorrect, there is nothing you can do about it. The consensus always wins and there is no single entity to complain to and get it fixed. This is great for making sure that many actors need to be bad actors in order to have the whole system fail. It's bad if you don't trust anyone and want to make sure that your standards are always observed. From a technology standpoint I love the concept of Blockchain. But use cases that are not forced are few and far apart. Too few for the amount of hype it receives.