this post was submitted on 22 Sep 2023
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Futurology
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I get the impression that if there was a problem to be solved by a blockchain it would have been done at least once by now. I still think it is an interesting technology, but it was corrupted by egregious monetary speculation. It made more sense when any given blockchain including bitcoin was barely worth anything.
But the technology of a globally accessible database that can be added to by anyone and not easily destroyed is neat. Maybe some day it will find its purpose.
I think its real potential (as yet unexplored) is in disintermediation.
Two parties, who do not know each other, and want to conduct business rely on so many intermediaries who provide services, and crucially, trust - who all take their cut. Lawyers, bankers, etc
Blockchain could not only automate the processes, but also be designed to replicate trust.
Also, that potential isn't just about efficiency - its about power, and taking it away from industries and institutions - banking, etc
7 TPS and the amount of energy used so far has been mind boggling. Is the use case boiling our oceans?
But blockchain can only enforce on-chain behavior. There's no way for it to actually confirm you sent anything or followed the letter of an agreement.