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TruthOf42 t1_j1z9irz wrote

Reply to comment by lofgren777 in Crypto and blockchain are not the technology of the future – prove me wrong. by Aquillyne

IMHO Blockchain as a currency is much like the idea of using physical objects as a currency. We have used many different objects, seashells, gold, paper, coins, etc. All of these objects are analogous to different implementations of Blockchain, there are pros and cons to all of these and there many different ways to implement them. So it's very unfair to lump all cryptos together.

That all being said, anyone who says it's all a scam or anyone who says crypto is the most amazing thing ever are idiots.

At the very least, I 100% see banking institutions implementing Blockchain behind the scenes that they use to keep track of transactions. But, I think, eventually, any entity that wants to accurately account for all transactions and prevent tampering will use some implementation of Blockchain.

Getting an implementation of Blockchain that works for the entire world is going to be HARD. There will be growing pains, but the technology allows for change, so it's not like everyone is locked into a certain implementation.

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lofgren777 t1_j1zckxk wrote

My understanding is that blockchain isn't really useful "behind the scenes." It's value is that it can be exposed to the public without being messed with or traced. Banks want everything to be traceable and secret, so they are better off keeping private ledgers. The only reason it is appealing to the mob is because they have to worry about getting exposed, so you can't have a private ledger with a list of all your crimes in a safe in your office the way a bank can.

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TruthOf42 t1_j1zp2ii wrote

No, it absolutely is useful behind the scenes, because even if someone wanted to, they couldn't fudge the numbers at all. The current system relies, to some extent, on trust, even within the system.

Blockchain allows anyone, in your org, for example, to access the system and not having to trust them. If they make a transaction it will be seen. This would be amazing for accountants and forensics because they can KNOW all transactions are accounted for

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pocman512 t1_j1zb4kf wrote

It's literally all a scam, or useless.

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