Ten years in, nobody has come up with a use for blockchain

[Deleted member 923340]

Came across this article. Worth a read.
https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100

 

[ContentExpert]

While I'm not invested in to any Cryptocurrencies this was definitely a good read. One statement I read a few weeks ago in a post is that individuals are buying Crypto to hold on to it as an investment to sell later down the road for profit. People aren't buying Crypto to pay for goods/services which I believe is going to hurt the economics of Crypto in general.

"Hype" and "profit potential" are in my opinion the only factors that are hiking prices up but I'm not a professional and this is simply my speculation.

 

[waterworks]

I think they have come up with plenty of uses, but the current systems are so embedded and tied together, it might take 10-20 years to implement. Kind of like when SAP gets paid $100m to overhaul legacy systems of some big corp and the implementation turns into a 10yr project that was originally slated for 2.

 

[roman375]

The title of the article is misleading. Ten years ago "Satoshi Nakamoto" published a white paper explaining the concept of a distributed ledger (blockchain) and how it applies to crypto currency. However, blockchain technology has only received serious attention from the public in the past couple of years (if that). You cannot seriously expect an emerging technology to replace existing technologies in that time frame.

 

[Deleted member 923340]

"Hype" and "profit potential" are in my opinion the only factors that are hiking prices up but I'm not a professional and this is simply my speculation.

Yes, this is exactly it. Nothing wrong with throwing a couple of dollars, catching the wave and make some money. But screaming everywhere "CRYPTO is the Future..Nah.....

I think they have come up with plenty of uses,.

Did you read the article fully? please do, He goes through most of those uses and explains why it'll not work / be a success.

The title of the article is misleading. Ten years ago "Satoshi Nakamoto" published a white paper explaining the concept of a distributed ledger (blockchain) and how it applies to crypto currency. However, blockchain technology has only received serious attention from the public in the past couple of years (if that). You cannot seriously expect an emerging technology to replace existing technologies in that time frame.

Agree. But a couple of years is a lot of time with the current technology.

while almost all the tech giants (Google,FB, ms,Amazon) invest a ton of money in stuff like machine learning etc in the last couple of years. Why can't they invest a little bit on blockchain and do something, if it so powerful? (or if it is the future?)

Just my 2cents.

 

[waterworks]

Did you read the article fully? please do, He goes through most of those uses and explains why it'll not work / be a success.

I read most of it. Too long. He kept referring to Bitcoin blockchain and not any of the more advanced blockchain tech that have come along which fix many of the problems he's referring to in the article. Makes the article seem irrelevant.

And again, this is completely new tech, and new way of doing things, so implementation is likely to take a really long time. Much longer than just the initial first ten years.

 

[mremo]

OP: Partially true.
In one of the other threads I mentioned somwhere that Luna DNA is using the blockchain to store human genomes as a commodity that can be purchased by biotech companies.

I work in biotech, and I find this to be an amazing use of the blockchain. I don't think the token will ever blow up because there is no practical consumer use, so I am not invested in it, but for the industry it is a huge thing

 

[roman375]

Agree. But a couple of years is a lot of time with the current technology.

No, it is not.

while almost all the tech giants (Google,FB, ms,Amazon) invest a ton of money in stuff like machine learning etc in the last couple of years. Why can't they invest a little bit on blockchain and do something, if it so powerful? (or if it is the future?)

I would suggest you do your own research before stating baseless assumptions as fact. Here you go:

https://www.bloomberg.com/news/arti...make-list-of-most-active-blockchain-investors
https://www.reuters.com/article/us-...-up-blockchain-and-its-adoption-idUSKBN1AQ1KD
https://investorplace.com/2017/09/m...arket-blockchain-contract-ggsyn/#.WkVMfjeQyUk
https://aws.amazon.com/blogs/apn/introducing-aws-blockchain-partners/

 

[AlMendez]

The main problem whit BlockChain it's their speculative value. If the coin havent a "real base value" then the people don't use it for "buy things". This is logic At certain Point, if you see the coin it's goin up on the value you start to see it like a "inversión value" so you acumulate it and wait. This it's everyone do on this momennt and it become on the standard.

So, in my opinión, the BlockChain must stop To grow and "gain a real stable value" to start the trade whit it.

Nobody knows the "final value"; can be $1 or $1M. The real think here it's this scenario Will come some day (cause it's a limit on the coins, At least Bitcoin) and then the BC becomes on a real opción to buy and sell like your dollar, euro, peso, or your favorite coin.

The BlockChain it's real, it's revolucionary and the escence of the "virtual money" Will be implemented.

My advice? Buy if you can afront the posibles losses and be patiets. You can be part of a few of " the first inversors"

Who knows, may be you can be surpriced before you die.

 

[deal with it]

While I'm not invested in to any Cryptocurrencies this was definitely a good read. One statement I read a few weeks ago in a post is that individuals are buying Crypto to hold on to it as an investment to sell later down the road for profit. People aren't buying Crypto to pay for goods/services which I believe is going to hurt the economics of Crypto in general.

"Hype" and "profit potential" are in my opinion the only factors that are hiking prices up but I'm not a professional and this is simply my speculation.

boy people buy stocks to pay for goods and services ? Not all Crypto are crypto currencies. They are still at infant stage, why infant ? you know why

 

[mickyfu]

Drugs, get rich quick schemes, fraud, people trafficking, money laundering. Can't you see, it has plenty of uses.

 

[GordonGladwyn]

we might not be able to have immediate uses and applications now, but the next gen of (peripheral) technology might be able to build on blockchain.

I would use RFID and NFC as examples. Invented and refined since 1983, but wasn't really super useful until key cards, badges, and smart-phones

 

[mickyfu]

we might not be able to have immediate uses and applications now, but the next gen of (peripheral) technology might be able to build on blockchain.

I would use RFID and NFC as examples. Invented and refined since 1983, but wasn't really super useful until key cards, badges, and smart-phones

So why are the masses buying it? Oh that's it the bubble.

 

[jazzc]

Haters gonna hate, but guess what? The world spins without caring about feelings.

 

[jazzc]

So why are the masses buying it?

You're acting as if there needs to be any other reason other than profit to do something

 

[Extruser]

Thanks for sharing. Good read.
I know the writer is wrong, but I love to read opposing opinions.

The only thing I want to say here is this:
I remember the time when people said there would be no use
for something like an SMS. And that's not even 20 years ago!
But SMS changed our lives. In many ways.

Fast forward to today, thanks to mobile data and apps like
Whatsapp, WeChat, Instagram etc., most people don't even
send an SMS anymore. Think about it.

5 years from now blockchain will be an old concept.
There's already new technology being developed,
based on blockchain, that is better, faster, cheaper,
more stable and with lots of practical uses.

And by then, people will be reay for it too.

 

[skills4kills]

Look up third generation blockchain. This technology is still young. Thats like saying in 1990 the internet still doesn't have anything to show. The article makes some good points, but also doesn't understand the current banking system.

 

[PinguSpy]

Bubble that’s why u nee to be selective when invested into something

 

[zionbar]

Lol seriously? Blockchain has no value?

You guys drink too much. Id reply with all the possible uses but instead go to coinmarketcap.com and look at the coin
Each coin is a different way to practically use blockchain lol

 

[zionbar]

Wrong thread tnx @Sherbert Hoover for letting me know lol

When will @BassTrackerBoats create an app for this forum so i can use it on mobile properly?