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Happy to leave it here, thanks for the discussion. To summarize, I think you've identified area's where there are potential problems that could be improved. Ho
by unusualmonkey 4y ago
Happy to leave it here, thanks for the discussion.
To summarize, I think you've identified area's where there are potential problems that could be improved. However, as an engineer, blockchain wouldn't be my first (or second) tool that I'd use to solve these problems.
Using NFT's to do ownership of art is interesting, and maybe in a niche area or two people will use it, but ultimately runs into issues since it doesn't address theft, loss of wallet or other practical concerns. NFT ownership only ever proves ownership of the NFT, never of anything associated with NFT.
For trading, the main claim you make is these banks don't trust each other. Yet clearly they must trust each other, or someone, for the trade to finally finish.
All blockchain does is add in something else you must trust - but this something else is wildly complicated and complex. For example, chains can become worthless or attacked and taken over. Users can decide which chain to follow, sometimes leading to splits where assets are essentially duplicated on each side of the split.
So yes, I don't doubt that there are some serious problems that can be fixed. I just find that NFT's/Blockchain often make claims that are not unique to them but introduce problems that are hidden and glossed over.