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17 years* (thelemmy.club)
submitted 7 months ago by to c/microblogmemes@lemmy.world
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https://mastodon.online/@FranckLeroy/109627512801712672

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[–] 1 point 7 months ago (1 child)

You are making my point. Blockchain is not crypto. Blockchain can be useful in private, internal use cases (like a transaction ledger for bank branches) where trust is largely implicit.

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  • [–] 11 points 7 months ago* (2 children)

    If you have trust, why do you need a blockchain?

    Distributed / immutable databases are not solely a feature of blockchain either.

    It's a very interesting thing in a vacuum. Basically any application of it so far (with the possible exception of the original one, if it weren't just a speculation investment machine at the moment) runs into the problem where it has to interact with reality at some point. And most of the problems Blockchains solve are already solved by a variety of other systems, for less time/currency/hardware investment.

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  • [–] 3 points 7 months ago (1 child)

    Because it's an immutable ledger, not just a database. It maintains a history of every previous transaction/entry. Blockchains are used by banks and in the supply chain because it makes backtracing and identifying discrepancies trivial. For things like cryptocurrency, blockchains allow "don't trust, verify" but for something where you already have trust, they allow "trust but verify"

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  • [–] 7 points 7 months ago (1 child)

    Cryptographically immutable append only ledgers (aka merkel trees) have existed since at least 1979. A blockchain is different because it has distributed consensus. If your consensus algorithm is trust, then it's not a fucking blockchain.

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  • [–] 0 points 7 months ago (2 children)

    A blockchain is nothing more than a data structure. It's essentially a linked list using the hash of the previous block. Distributed consensus is something blockchains are useful for, but it doesn't define it

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