Is blockchain useful for anything beyond currency?

Started by PhotonBurst48, Today at 05:01 AM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

Topic: Is blockchain useful for anything beyond currency?   Views(Read 72 times)
Active members in this topic:
PhotonBurst48(1)

PhotonBurst48

Blockchain was once promoted as a technology that would transform everything. Supply chains, voting, medical records, property registers, digital art and much more. A huge amount of money flowed into blockchain projects, and many companies added the word to their names. Years later, many of those projects have quietly disappeared

Some uses have survived. Cryptocurrencies remain the most obvious, along with stablecoins used for payments and transfers. Some supply chain tracking systems use blockchain to record where goods come from. Digital identity, certificates and tamper proof records are also areas where it is still being tested. The NFT boom, on the other hand, largely collapsed after a period of wild hype

Critics argue that most proposed uses work just as well, or better, with a normal database. A blockchain adds value mainly when you need many parties who do not trust each other to share a record that nobody controls. In many real world situations, there is already a trusted authority, which makes a blockchain unnecessary. Energy use and complexity are other common criticisms

I am curious which uses people think have stood the test of time, and which were just hype. I am keeping this to the technology rather than prices or investments

Is blockchain useful for anything beyond currency? Or is it a solution looking for a problem?