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
Blockchain has been around as a technology for nearly two decades. If financial institutions thought it could help them you can bet they would be all-in on it by now. As it is, blockchain has no significant advantages over traditional financial ledger systems, so what incentive is there for them to use it.
It's not something new or cutting edge any more, just waiting for a bright spark to discover the technology and put it to use.
Well, why would banks replace the system which allows them to charge fees for every other interaction with their services? A blockain solution would allow multiple different banks (and, possibly, even regular people) to access the data with no middlemen, and, therefore, no fees. Or, well, no fees that directly end up in the bank's pockets as profit, that is.
Getting rid of that is bad for business. So, unless something magical happens and the EU, for example, pass a law requiring the banks to switch to a more de-centralized, more fair system, it's not going to happen.
That's kind of my point. Blockchain evangelists have been banging the drum for many years saying "This is a perfect fit for the financial industry. Why won't fintech wake up and recognise that?"
When in fact fintech took a long, hard look at blockchain a long time ago and decided "nope, there's nothing here that would tempt us" outside of a few very niche applications.