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Blockchain solves one fundamental problem: trust. If you have a solution that fundamentally relies on trust and you want to get rid of that, Blockchain is the a
by dgrin91 7y ago
Blockchain solves one fundamental problem: trust. If you have a solution that fundamentally relies on trust and you want to get rid of that, Blockchain is the answer. If you're OK with trusting someone/thing, then Blockchain wont add any value.
The obvious and biggest application of this is money. The original Bitcoin use case. Today the banks handle all our monetary transactions and we trust that they don't act maliciously (we also do a lot of auditing/regulation/manual verification, but ultimately that is imperfect so it really boils down to trust). If you want to have a truly trust-less monetary system the only solution I can imagine is blockchain.
Another potential solution I can see for blockchains: Certificate Authorities. Today CAs ultimately roll up to one of a handful of root CAs. In other words, there are a handful of entities that we just implicitly trust. They get audited, regulated, etc, but ultimately we just trust them. If you want to move to a truly trust-less CA model it has to be on blockchain.
There is also a third, kind of cheat answer: automation. You obviously don't need blockchain here, but if you want to automate something and you need to get funding from a VC, or a boss, or anyone else, blockchain is a good buzzword to throw in there to get some extra $$$. This is less true since the crypto crash, but still provides some value.
- louwrentius 7y agoYes, it's all about trust. The levels of trust we have maybe not perfect, but they seem good enough, in a way that it's very hard and implausible to me that crypto or blockchain will ever serve a need. But mostly, again: your answer is all about hypotheticals, not about the 'now'.