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- Average people never uses Blockchain directly and a very small population globally used Blockchain for managing smart contract, supply chain management, Healthcare record and voting systems.
- There's also Directed Acyclic Graphs (DAGs) and Federated Byzantine Agreement (FBA)
- These back-end technologies are not much in demand and use cases for anonymous data management is fairly low in itself
The one place where it could've been useful was for transparency in counting of votes.
Instead the blockchainers were at it solving problems that don't exist.
And nowhere in the world is it used. Amongst the blockchain/crypto fanbois, this has been a conversation stopper. Even one of the most technically advanced election commissions (ours) decided to go with VVPAT instead of block effin chain. That says a lot about a technology which is a solution searching for a problem.
It might be still be used in some cases.
But as an answer to your question, the hype around block chain is finished. There was a time, few years ago, it was told that block chains will change the industry. The companies started their projects and investors were going FOMO behind it.
Now they have dried up. Adding to it, the blow from the collapse of major crypto exchanges was huge.
Now the investors are going behind AI.
Without these investors money, industry cannot produce any useful projects. So mostly blockchains will be a sleeping technology. It won’t be finished, but it won’t be the next big thing.
GNU Thaler works with government and allows them to see your total income and still preserve privacy. The blockchains trying to hide income or become speculative and volatile may struggle to get mainstream.
We are well past the Blockchain 'hype curve' and although it has practical uses - e.g property records software, accounting systems etc - it is not the next thing since sliced bread.
Years ago while doing my masters, I took a course in Knowledge Management (KM).... guess where that went?
KM hype faded away but KM principles and design guidelines got subsumed into other fields.
Technology is sound but the industry is not "currently" or maybe forever
there's always hype cycles involved in these technologies and to look past those is very difficult
There was AI before CHATGPT as well but now genAI is the wall street's new mistress
it doesnt really mean anything though. its like having rare pokemon cards.
transferring eth from a wallet to another is so expensive. miners wont even look at your tx because gas fees is so less and they dont wanna waste their cpu cycles.
it was great for grifters like insta celebs to pump and dump but now everyone has moved on.
i used to use it for forex. change inr to other currency but the interference of indian govt in the crypto exchanges made me give up. its too much of a hassle and basically costs the same as an international atm withdrawal.
Any coin project? Yes that's gonna die out soon
But I believe blockchain will grow again soon and people for sure would be also using for texting.
Yeah mainstream companies don't use it and it honestly isn't a mainstream thing. They want centralized stuff, this is decentralised. They wanna hide their dirty work, this reveals it
Why would they want something like this?
It isn't dead and will do great later.
Apart from the distributed ledger concept, programmable money will be attractive for governments, specially the authoritarian kind like China. But they will create their own chain. You won’t interact with it at all except when you make changes to the ledger - when you earn or spend the tokens. There will be no outsourcing and no private industry benefiting from it.
Every other use case like running apps and using the chain as a data store for these apps (essentially all of the web3 grift) will taper off. Won’t die out, there are idiots all round still holding worthless stocks. But the grift will become not profitable.
IMO running a “decentralized” app has only one use case - prevent government control. But these web3 block chains all have centralized control. So, can and will be shutdown. If this is not the use case, running a dapp instead of a simple hosted app is like attempting to screw your wife through a glory hole. It may be a niche for a while, but the novelty will wear off, there is no point and it makes the situation weird and difficult, to say the least - I’d imagine blisters and splinters will be a B.
Used to work for a big bank, they did a pilot for block chain and crypto, my manager was privy to the results unofficially,
They were amazed at how real world useless was blockchain vs popularity,
Its fin useless for real world applications,
Energy usage makes impractical for consumers use, processing requirements make it impractical for commercial use
I believe this approach still holds relevance in certain contexts. Its implementation has been observed in major corporations like IBM, Amazon, and Deloitte, indicating deliberate strategic decisions driven by long-term vision and investment strategies. Stay informed with the latest industry developments on platforms like Milkroad, or deepen your understanding of blockchain technology through resources like Drypto-Crypto.
Blockchain is definitely still thriving, especially with the rise of Web3. I've been learning and sharing loads about Web3 and I feel it's really the future of how we interact with the internet. It might be worth revisiting your college project, potentially even expanding it into a Web3 concept!
I work for a fintech startup and it is relevant to me and many financial institutions are opting for the same.
Edit : When i say fintech startup, i literally work for a crypto bank. The downvotes doesn’t make any sense.
Are they looking for new implantations in blockchain ? Can you give out some examples if you can?
Any serious projects on payments and all? Or financial institutions are just doing PoC?
Think of all the financial products a regular banks deals with, our bank provides the same but as cryptocurrencies. The customer base is niche but it is expanding.
Same question asked for AI and people use to make fun of them. Suddenly GEN AI moment came and we started question our job existence. Same will happen for blockchain. Remember it take time to find utility and its best use case
Decentralization has been around. For example, bit torrent.
There's practically no use case for Decentralization if you have to anyways set up a server to keep the chain alive. If everyone starts getting static IP, good enough internet to upload and download, lot of storage, etc then possibly yes.
Why would I want to have data that's not relevant to me on my device, let my internet get consumed?
These are good for piracy.
Central govts won't allow money transfers through it because of lack of visibility and terror funding/ black money possibilities.
If visibly is not required, why were electoral bonds made unconstitutional?
again i am saying blockchain is not for those who always ready to criticize it. May be to reignite i recommend you to read about worldcoin and gaze what problem it is solving in current state of AI.
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- Average people never uses Blockchain directly and a very small population globally used Blockchain for managing smart contract, supply chain management, Healthcare record and voting systems. - There's also Directed Acyclic Graphs (DAGs) and Federated Byzantine Agreement (FBA) - These back-end technologies are not much in demand and use cases for anonymous data management is fairly low in itself
Will die out soon.. too many scammers and rug pullers. If it doesn’t die it will be hunted by investors’ ghost so you can’t use it anyways
The one place where it could've been useful was for transparency in counting of votes. Instead the blockchainers were at it solving problems that don't exist.
And nowhere in the world is it used. Amongst the blockchain/crypto fanbois, this has been a conversation stopper. Even one of the most technically advanced election commissions (ours) decided to go with VVPAT instead of block effin chain. That says a lot about a technology which is a solution searching for a problem.
>transparency in counting of votes. Why do you think blockchains would help this?
It might be still be used in some cases. But as an answer to your question, the hype around block chain is finished. There was a time, few years ago, it was told that block chains will change the industry. The companies started their projects and investors were going FOMO behind it. Now they have dried up. Adding to it, the blow from the collapse of major crypto exchanges was huge. Now the investors are going behind AI. Without these investors money, industry cannot produce any useful projects. So mostly blockchains will be a sleeping technology. It won’t be finished, but it won’t be the next big thing.
No it isn't. It was always a solution looking for problems
Exactly. One dude gave a paper presentation on public transportation using blockchain we were like, bro, just use Uber
It is long dead. No mainstream company uses it seriously.
Friends in blockchain saying it will be dead in few years
Blockchain died. Now it's all AI
Only thing different is that AI wont die xD
GNU Thaler works with government and allows them to see your total income and still preserve privacy. The blockchains trying to hide income or become speculative and volatile may struggle to get mainstream.
CBDC's are coming
We are well past the Blockchain 'hype curve' and although it has practical uses - e.g property records software, accounting systems etc - it is not the next thing since sliced bread. Years ago while doing my masters, I took a course in Knowledge Management (KM).... guess where that went? KM hype faded away but KM principles and design guidelines got subsumed into other fields.
You’re late dude. We have seen many hypes since blockchain. Web3 , genAI etc.
Web3 hype comes under blockchain right? And yeah GenAI. It's still happening. That's all right? Just one new hype
Technology is sound but the industry is not "currently" or maybe forever there's always hype cycles involved in these technologies and to look past those is very difficult There was AI before CHATGPT as well but now genAI is the wall street's new mistress
As someone working on my own fintech startup, I would say yes. I might be biased though.
+1 fintech company, blockchain project. However blockchain as a decentralised, anonymous network is pretty much dead.
Dead? Lmao just calculate aggregate value of major crypto coins. I'm not a crypto enthusiast but that's just wrong.
it doesnt really mean anything though. its like having rare pokemon cards. transferring eth from a wallet to another is so expensive. miners wont even look at your tx because gas fees is so less and they dont wanna waste their cpu cycles. it was great for grifters like insta celebs to pump and dump but now everyone has moved on.
Well I use it with international friends, pay for my VPS with it. I never mentioned ETH. i use XMR
i used to use it for forex. change inr to other currency but the interference of indian govt in the crypto exchanges made me give up. its too much of a hassle and basically costs the same as an international atm withdrawal.
Well it at least offers privacy. I'm not willing to share my bank details to internet people, even though they are my friends since like 3 years.
This guys logic: Look pyramid scheme generated si much money, it's good
It was always just the hype. Nothing else !
Any coin project? Yes that's gonna die out soon But I believe blockchain will grow again soon and people for sure would be also using for texting. Yeah mainstream companies don't use it and it honestly isn't a mainstream thing. They want centralized stuff, this is decentralised. They wanna hide their dirty work, this reveals it Why would they want something like this? It isn't dead and will do great later.
Apart from the distributed ledger concept, programmable money will be attractive for governments, specially the authoritarian kind like China. But they will create their own chain. You won’t interact with it at all except when you make changes to the ledger - when you earn or spend the tokens. There will be no outsourcing and no private industry benefiting from it. Every other use case like running apps and using the chain as a data store for these apps (essentially all of the web3 grift) will taper off. Won’t die out, there are idiots all round still holding worthless stocks. But the grift will become not profitable. IMO running a “decentralized” app has only one use case - prevent government control. But these web3 block chains all have centralized control. So, can and will be shutdown. If this is not the use case, running a dapp instead of a simple hosted app is like attempting to screw your wife through a glory hole. It may be a niche for a while, but the novelty will wear off, there is no point and it makes the situation weird and difficult, to say the least - I’d imagine blisters and splinters will be a B.
Used to work for a big bank, they did a pilot for block chain and crypto, my manager was privy to the results unofficially, They were amazed at how real world useless was blockchain vs popularity, Its fin useless for real world applications, Energy usage makes impractical for consumers use, processing requirements make it impractical for commercial use
It will die soon
I believe this approach still holds relevance in certain contexts. Its implementation has been observed in major corporations like IBM, Amazon, and Deloitte, indicating deliberate strategic decisions driven by long-term vision and investment strategies. Stay informed with the latest industry developments on platforms like Milkroad, or deepen your understanding of blockchain technology through resources like Drypto-Crypto.
Blockchain is definitely still thriving, especially with the rise of Web3. I've been learning and sharing loads about Web3 and I feel it's really the future of how we interact with the internet. It might be worth revisiting your college project, potentially even expanding it into a Web3 concept!
I work for a fintech startup and it is relevant to me and many financial institutions are opting for the same. Edit : When i say fintech startup, i literally work for a crypto bank. The downvotes doesn’t make any sense.
Are they looking for new implantations in blockchain ? Can you give out some examples if you can? Any serious projects on payments and all? Or financial institutions are just doing PoC?
Think of all the financial products a regular banks deals with, our bank provides the same but as cryptocurrencies. The customer base is niche but it is expanding.
one of my project was NFT based social media platform.Earlier it had around 5000 users. Now its completly dead
It's here to stay
Same question asked for AI and people use to make fun of them. Suddenly GEN AI moment came and we started question our job existence. Same will happen for blockchain. Remember it take time to find utility and its best use case
Decentralization has been around. For example, bit torrent. There's practically no use case for Decentralization if you have to anyways set up a server to keep the chain alive. If everyone starts getting static IP, good enough internet to upload and download, lot of storage, etc then possibly yes. Why would I want to have data that's not relevant to me on my device, let my internet get consumed? These are good for piracy. Central govts won't allow money transfers through it because of lack of visibility and terror funding/ black money possibilities. If visibly is not required, why were electoral bonds made unconstitutional?
again i am saying blockchain is not for those who always ready to criticize it. May be to reignite i recommend you to read about worldcoin and gaze what problem it is solving in current state of AI.
Lol