Comment on Whatever happened to the blockchain/smart contract 'revolution' we were told about?

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TranquilTurbulence@lemmy.zip ⁨2⁩ ⁨days⁩ ago

If I understood it correctly, the main problem it can solve is lack of trust. If the involved parties can’t find a single authority to trust, they can use a blockchain instead.

Finding cases like that is a bit tricky. For example, you trust your ISP, your bank, maybe even your government… to some extent… They’re not your best friend, nor do they have to be. You can still trust them enough to take care of certain jobs. You pay your ISP via bank transfer, and they provide the service you signed up for. As long as there’s just enough trust, the system still works and there’s no need to use a blockchain.

Same goes for banks. Most people trust that the bank isn’t going to run away with your money. As long as that trust exists, there’s no need to use a blockchain.

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