Ten years in, nobody has come up with a use for blockchain

Another critical look on the blockchain and Bitcoin:

Each purported use case — from payments to legal documents, from escrow to voting systems—amounts to a set of contortions to add a distributed, encrypted, anonymous ledger where none was needed. What if there isn’t actually any use for a distributed ledger at all? What if, ten years after it was invented, the reason nobody has adopted a distributed ledger at scale is because nobody wants it?

Source: Ten years in, nobody has come up with a use for blockchain


Blockchain? It’s All Greek To Me… – Bozho’s tech blog

I’ve been skeptical for a while now about how everything seems to be solved by “blockchain”. Bozhidar Bozhanov seems to share many of my thoughts and wrote them up already:

I can’t see why it would be useful to abandon a centralized database that you can query in dozens of ways, test easily and scale trivially in favour of a clunky write-only, low-throughput, hard-to-debug privacy nightmare that is any public blockchain.

I can see how a pseudo-public blockchain can, for instance, be useful as a clearing-house mechanism between banks, but for now I’ll stick with a regular bank myself. They’re not perfect, but I think the time society has spent on regulating banks, and the service banks provide here in The Netherlands and Europe, still give me a lot more ease of use and peace of mind than the yahoo libertarianism of many blockchain advocates.

Source: Blockchain? It’s All Greek To Me… – Bozho’s tech blog


Ethereum Hacks

My reservation with block chains and crypto currencies: they disempower the ordinary person (or user)… instead of the Bad Guy On The Corner taking your wallet, now anyone anywhere can steal all your money, and you might not even notice it at first.

The press is reporting a $32M theft of the cryptocurrency Ethereum. Like all such thefts, they’re not a result of a cryptographic failure in the currencies, but instead a software vulnerability in the software surrounding the currency — in this case, digital wallets.


This is my concern about digital cash. The cryptography can be bulletproof, but the computer security will always be an issue.

Source: Ethereum Hacks