this post was submitted on 09 Mar 2024
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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
Cool.
Name one successful example.
I mean, it's been, what, 15 years of hype? Surely there must be a successful deployment of a commercially viable and useful blockchain that isn't just a speculative cryptocurrency or derivative thereof, right?
Right?
I can't find the case study, but this blockchain project by IBM was implemented in Singapore and was shown to reduce customs processing times from several weeks to just several hours.
The general idea was that with a successful blockchain implementation, the Singapore government was able to expedite parts of their customs process which normally require intensive human labor, and the use of smart contracts removed the need for having documents sent and resent when all parties had access to the smart contract directly.
There are specific use cases where it can benefit existing processes, but people just think blockchain = crypto.
the real question is what part of this was specific to blockchain, something that would be difficult or impossible to do without it. if you want to put forward this argument you need to at least provide a simple, clear, coherent answer to that.
in this case, i could easily argue a sqlite db hosted on gitea would work better and theres no way to prove im wrong.
First thing I found when I searched for "Maersk IBM blockchain":
A.P. Moller - Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform
I mean... the original Bitcoin?
Blockchain never promised anything related to economic viability or stability. Only that it would ensure a P2P network would remain practically safe from malicious transactions by utilizing a system that rewards verification.
By that standard, every other crypto that people use happens to be a pretty successful blockchain use case.
If you want something stable and not a straight cryptocurrency then I'm pretty XRP qualifies because it also handles fiat and other commodities.
Otherwise, most DDBSs don't use blockchain because they don't need verification requirements relating to transactions and ownership. DHTs are way more common like IPFS.
https://csa-iot.org/certification/distributed-compliance-ledger/
Matter Distributed Client Ledger. In use by Apple, Amazon, Google, Samsung, and many more.
Contains all the attestation information for on boarding Matter devices. Where once it was Google Home vs Apple HomeKit vs Amazon Echo / Alexa, supporting devices can now work cross ecosystem.
Since many of these companies are competitors working together. A distributed ledger makes sense to keep everyone honest and provide a level of tech supported governance.
https://git-scm.com/
Yes, both git and blockchain tech use merkle trees. No, that doesn't make git a blockchain
Who are you? Go make bad arguments elsewhere.
In any case here is a bunch
https://www.forbes.com/sites/forbesbusinesscouncil/2021/06/23/trends-in-blockchain-why-big-banks-are-adopting-this-technology/?sh=4963d0c551e2
I stand corrected. One project in Italy and two proofs of concept that never went anywhere.
Truly revolutionary.
Well I use Bitcoin everyday and I’m grateful for it.
Banks don’t support the transactions I need to make.
this gives off illegal vibes
Monero actually has very good uses. It does use POW but their algorithm is made to encourage using CPUs instead of GPUs and slower, power efficient devices, which makes it a lot less energy intensive than other POW cryptocurrencies.
It's only use is illegal commerce. It's the only one thar actually has a purpose, and it's to help criminals.
Privacy is a crime? I pay for several online services with XMR (or BTC swapped from XMR): Jmp.chat (mobile service), EteSync (E2EE contact sync), Proton Mail, Mullvad VPN, Usenet (might have an argument there).
Why can't I access Google's individual transactions but they should have access to mine?
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.
Reverts work because users have equal write access to all the data. You can mess things up in the codebase, and even if you die of a heart attack 10m later, my revert is just as valid as your commit.
It's not really the same when every user has "sovereignty" over their address in the ledger. A bad actor has to consent to pushing a revert transaction onto the chain, or they have to consent to using a blockchain system where 3rd-party reversion is possible (which exists on some systems, but also defeats the concept of true sovereignty over your address).
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.
https://www.youtube.com/watch?v=15RTC22Z2xI I would love to hear the counterarguments. video is <15 mins, academic setting.
His arguments are:-
We don't need blockchain to stop problems from happening because we have a [super efficient, cheap, accessible, well constructed] legal system to correct those problems when they occur.
We don't need distributed ledgers to store the data because we can just trust Amazon Web services.
That's a unique interpretation
You wanted counter-arguments.
Trusting the legal system (9m23s,11m34s) and Amazon (12m35s) are vastly inferior to what blockchain offers.
I did, and am still
Here is an alternative Piped link(s):
https://www.piped.video/watch?v=15RTC22Z2xI
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I'm open-source; check me out at GitHub.
There is nothing Crypto can do better than regular database. Immutability is not a desirable property.