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The Australian Securities Exchange CHESS blockchain: seven years of sunk cost fallacy (davidgerard.co.uk)
submitted 6 months ago by dgerard@awful.systems to c/buttcoin@awful.systems
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[-] Alphane_Moon@lemmy.world 15 points 6 months ago* (last edited 6 months ago)

By this point, I think it's pretty obvious that blockchain doesn't have any good use cases beyond financial speculation and scams/fraud.

[-] dgerard@awful.systems 14 points 6 months ago

YOU WOULD THINK THAT, BUT

[-] skillissuer@discuss.tchncs.de 10 points 6 months ago

sanctions evasion and money laundering, and that's basically it

[-] slazer2au@lemmy.world 4 points 6 months ago

It has one legitimate use case that I can think of. Immutable audit logs, even then there are better options.

[-] dgerard@awful.systems 8 points 6 months ago

so in practice it actually doesn't, and enterprise "blockchain" systems tend to evolve:

  1. do the real work in the blockchain bit
  2. do the real work in a program with an SQL database attached, claim the blockchain is for audit logs
  3. every SQL DB can produce those anyway, remove the blockchain bit entirely
  4. don't bother removing the word "blockchain" from your marketing copy

multiple such cases!

[-] slazer2au@lemmy.world 2 points 6 months ago

exactly, like I said, there is only 1 thing it could be used for, but there are better options for that anyway.

[-] bitchkat@lemmy.world 8 points 6 months ago

Blockchain, the solution in search of a problem.

[-] rook@awful.systems 7 points 6 months ago

Careful not to conflate things like hash trees with Blockchains. The former do get used for stuff like certificate transparency logs right now, because it is a sensible technology. Blockchains could do exactly the same thing (because they’re based on the same underlying principle), only with much more expense and waste, so there’s basically no point.

this post was submitted on 12 Jun 2024
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