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Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

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Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#1
I tried hard to understand the space and some of the ways in which the technology works, but after many hours of investment I am still unable to alleviate my scepticism that this entire space is vapourware, there is nothing here more than you can get with traditional database technology?

At the same time, the amount of coverage and attention it is getting and for a sustained period makes me believe I am missing something.

After all there are few instances of technology fads that have sustained such serious interest for a prolonged period of time (approaching a decade now) with little to show for in terms of investment returns or societal impact.

I am talking committees formed in parliaments and central banks around the world to discuss its benefits, serious universities dedicating whole programs on the subject, elite investors pouring money into its potential, and the list goes on.

So far the most charitable explanation I could come up with for the craze is that it is an effective rebranding for marketing purposes of database technologies, similar to how "data science" rebranded statistics and business analytics.

On the other hand "data science" even if it is merely rebranding did arguably lead to significant change in tooling/workflows in how data is consumed and presented in corporates around the world, no such thing could be said of blockchain.

Where am I going wrong? I am particularly keen to hear from people who underwent the journey from skeptics to believers in the space.

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#2
> I am talking committees formed in parliaments and central banks around the world to discuss its benefits, serious universities dedicating whole programs on the subject, elite investors pouring money into its potential, and the list goes on.

This worries me too. These people don't understand much beyond a 3 minute sales pitch

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#3

> I am talking committees formed in parliaments and central banks around the world to discuss its benefits, serious universities dedicating whole programs on the subject, elite investors pouring money into its potential, and the list goes on. This worries me too. These people don't understand much beyond a 3 minute sales pitch

True, but there is a long list of "smart" intellectuals/academics/investors who are believers in the space, which is where "am I going insane?" part comes in.

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#4

> I am talking committees formed in parliaments and central banks around the world to discuss its benefits, serious universities dedicating whole programs on the subject, elite investors pouring money into its potential, and the list goes on. This worries me too. These people don't understand much beyond a 3 minute sales pitch

Agreed.. It's seems like an answer to a question no-one asked. It solves a problem no-one had.

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#5
The value of blockchains seem so obvious to me, that I wonder if OP can be genuine.

ask_111: How can having a public log that is extremely tamper resistant not have value?

Let's look at a concrete example: Bitcoin.

You can write something into the Bitcoin blockchain and be very sure that the information you wrote into it will stay there pretty much forever.

Is that enough, or do we also have to discuss why having such a tamper proof log has value?

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#6
post #5

The value of blockchains seem so obvious to me, that I wonder if OP can be genuine. ask_111: How can having a public log that is extremely tamper resistant not have value? Let's look at a concrete example: Bitcoin. You can write something into the Bitcoin blockchain and be very sure that the information you wrote into it will stay there pretty much forever. Is that enough, or do we also have to discuss why having suc…

I do agree that tamper proof log is very useful, but I don't believe that it is something you can't achieve using traditional database tech.

I have a question for you that can short-circuit our discussion. You claim that the value is "so obvious" to you, why then one decade in there isn't one serious application of blockchain in the real world (not even in the dark web with early adpaters)? I mean a workflow that has been entirely transformed by it, despite all the investment and smart people working in the space? The lack of examples is the point that I find most baffling at all.

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#7

> I am talking committees formed in parliaments and central banks around the world to discuss its benefits, serious universities dedicating whole programs on the subject, elite investors pouring money into its potential, and the list goes on. This worries me too. These people don't understand much beyond a 3 minute sales pitch

Consulting fees must flow.

Re: Ask HN: Am I going insane or is there genuinely no value in blockchain tech?

#10
post #6
post #5

The value of blockchains seem so obvious to me, that I wonder if OP can be genuine. ask_111: How can having a public log that is extremely tamper resistant not have value? Let's look at a concrete example: Bitcoin. You can write something into the Bitcoin blockchain and be very sure that the information you wrote into it will stay there pretty much forever. Is that enough, or do we also have to discuss why having suc…

I do agree that tamper proof log is very useful, but I don't believe that it is something you can't achieve using traditional database tech. I have a question for you that can short-circuit our discussion. You claim that the value is "so obvious" to you, why then one decade in there isn't one serious application of blockchain in the real world (not even in the dark web with early adpaters)? I mean a workflow that has…

Selling illicit goods seems to have been transformed by Bitcoin.
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