Blockchain is useless.

/Blockchain is useless.

It’s been a decade and yet there’s still no good use case for blockchain. In particular, it’s spectacularly bad at handling the one thing it’s supposed to be “good” for, i.e. payment transactions, mostly because it’s like ten thousand times1 too slow when compared with existing systems.

I suppose it’s worth pointing out there are a lot of technologies that are “useless until they’re not”, with computers being the elephant in the room; Steve Jobs was imagining the iPad decades before the technologies existed to create one, while one of the earliest forms imagined for a “home computer” was as basically a single-use kitchen bench with a recipe screen displayed in the middle. Point being, whatever blockchain’s actual use ends up being, I suspect it’s going to be about as related to payment transactions and “smart contracts”2 as the kitchen-bench-punch-card machine is to, well. An iPad.

  1. Strictly speaking, about eight thousand five hundred and seventy-one times too slow. ^
  2. A concept so monumentally stupid I have difficulty imagining how ignorant in multiple subjects someone would have to be to “invent” it. Except, oh wait lol. Libertarians. ^
2018-06-26T13:50:11+00:0021st June, 2018|Tags: tech|Comments Off on Blockchain is useless.