But this is only because businesses have yet to be built around this technology. These things will change. We are super early. We should not build these use cases everyone is asking for right now. The tech is still early and has to figure out many things. There is a lot of innovation happening on the base- and interoperability level, and it needs a lot more abstraction (e.g., network and account abstraction) to make things more usable.
Standardization also plays a huge role, and yes, in many ways, it's a technological chicken-and-egg problem whereby systems have to work with each other and the chain in a way that makes intermediaries as obsolete as possible.
The transfer speed of money or the general transaction speed - well, that's something that is being solved as we speak. These systems (e.g. Ethereum) have to mature, and many ways are being explored, using known principles like separation of concerns, e.g., separating settlement, execution, and data layers - but in a decentralized manner.
The public and many entrepreneurs need to understand how early this tech is and rush use cases that don't add value as of now. You must go deep and understand that this has to grow from the bottom up.
> this is only because businesses have yet to be built around this technology
No, these are fundamental problems that time can't solve. Businesses aren't built around this technology because it's not advantageous to use it in a legally compliant environment.
Companies in this field keep adding new layers of abstraction pretending they're solving a problem; they're just moving it to somewhere else, but the fundamentals remain the same. Basically running in circle.
It is hard to comprehend what it'd mean to have the world connected via distributed ledgers that provide transparency and would be able to automate a lot of what we do to a much higher degree.
We're not running in circles.
> Businesses aren't built around this technology because it's not advantageous to use it in a legally compliant environment.
This is just one of the reasons. The technology is also not scalable and abstracted enough yet. No one is pretending anything here.
> It is hard to comprehend what it'd mean to have the world connected via distributed ledgers that provide transparency and would be able to automate a lot of what we do to a much higher degree.
idk, take your phone thing as an example. Blockchain doesn't solve anything, because nothing stops me from reselling the phone without transferring the insurance, or transferring the insurance and keeping the phone. The whole problem is that it's not linked to the phone itself.
instead of going on about benefits, what is an industry that currently suffers from an actual problem that a blockchain could solve? because right now I'm not aware of any problems in society where blockchain is the solution
Standardization also plays a huge role, and yes, in many ways, it's a technological chicken-and-egg problem whereby systems have to work with each other and the chain in a way that makes intermediaries as obsolete as possible.
The transfer speed of money or the general transaction speed - well, that's something that is being solved as we speak. These systems (e.g. Ethereum) have to mature, and many ways are being explored, using known principles like separation of concerns, e.g., separating settlement, execution, and data layers - but in a decentralized manner.
The public and many entrepreneurs need to understand how early this tech is and rush use cases that don't add value as of now. You must go deep and understand that this has to grow from the bottom up.
reply