this post was submitted on 13 Nov 2024
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I’ve read that blockchain itself is a good technology. NFTs are a laughably absurd attempt to exploit that technology for profit.
Xitter op needs to shut up.
Blockchain is a solution in search of a problem. A way to establish trust while not trusting any party is a cool concept, but in the real world it's far easier to establish a source of trust.
I have a friend who works at a major bank and they use Blockchain technology to keep track of something or other internally, though I don't remember exactly what. In this case at keast we can bet that it has found a problem wirth using it to sokve. Banks are nothing if not efficient.
I find it funny that it was touted as an alternative to the current banking system and ended up being absorved into it though
I envy your trust in the efficiency of banks
Banks are businesses made up of people. If a manager thought he could get a promotion by supporting a blockchain project at the height of blockchain mania, that's what he would do. Whether if fails or not is of no consequence, the manager is already on another project.
My experience working in banking is that they're extremely conservative. They don't take big risks on new technologies or processes and don't modernize their technology too quickly to be certain that everything works as expected and doesn't surprise anyone
If it's used internally, then I question whether it made sense to use blockchain. At the end of the day, it's probably the trust in the bank that matters and not blockchain.