| The above commentator didn’t pretend to know anything. It’s an honest question and they asked with utmost humility. Here’s the question: what’s stopping a significant adoption of blockchain technology from a _business perspective_. I have my own take on this. It could be the increasing cost of transactions (in practice). Not indifferent from your current day financial systems, as we have inflation that causes costs to rise. Perhaps it’s the sudden rise, the volatile nature of fluctuations that make it different for crypto currencies. Perhaps the entire issue here is we measure fluctuations against fiat currency. As more businesses start to operate entirely in crypto (producers and consumers) - we may see a more stable crypto ecosystem. As for why is blockchain not gaining traction, it is somewhat related to above. Miners provide the backbone for any successful blockchain network. In a centralized system where all actors already trust the centralized authority, there is little business incentive in setting up a sophisticated ecosystem based on blockchain. I’ve heard about governments considering using blockchain based tech to thwart internal corruption (immutable public records FTW). As these systems are developed, researched and then evangelized by the likes of HBR, we’ll start to see much greater adoption in time IMO. |
During my time in government, shady contractors pitching blockchain to solve literally every problem was so common and so preposterous that it quickly became a meme. "Immuatble public records" was a common claim, but "blockchain" isn't fundamentally different from a git repository in this regard.
If all you need is a replicated merkle tree, we have easier and more efficient ways of doing that.