Blockchain solutions in real world work because of people's ability to form legally binding consortium made up of real business entities that have decided to co

Blockchain solutions in real world work because of people's ability to form legally binding consortium made up of real business entities that have decided to cooperate with each other. Crypto backed distributed trust that blockchain brings into such consortiums has no value other than superficial optics and hype novelty as of today. It doesn't solve any real problems that isn't already solved by legal mechanisms. To prove this, if you take away the legal mechanisms upon which the consortium is built, the consortium will fail and blockchain won't be able to hold it together. For example, Bitcoin has value because masses trust they can convert it back to fiat currency via a coin exchange. Coin exchanges are real business legal entities that are subject to laws and regulations as they deal with fiat currency. For the masses, these laws and regulations are what confer that trust on those exchanges, not crypto. It is best to think of bitcoin as a technical protocol but with very interesting properties, technical properties, and that has certain implications in real world – specifically w.r.t tampering and double spending or theft fraud. But this by itself has no real world value without the legal system backing its conversion to fiat currency. Without this relation to fiat currency, the technical properties are worthless on their own. Similarly, handshake blockchain has no real world value unless a legally recognized consortium emerges to add value to it in real world. Using bitcoin metaphor, instead of real world fiat currency it is real world names, trademarks that gets "converted" to digital names on this handshake blockchain that gives this blockchain any value. Once you have a trademark/realname "converted" on this blockchain, your ownership cannot be "stolen or double-spent" etc. That's the intrinsic crypto property of the blockchain which has some real-world value. But this name "conversion" has to be done by "exchanges" which are real-world business entities to which laws can be applied. Without this being baked into the system, this is dead on arrival.