Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Besides money laundering, you mean? Not as such.
Merkle Trees were thought up in the 70ies or so. A blockchain is a Merkle Tree without branches. They are used in a number of application; for example git which predates bitcoin.
The actual innovation behind bitcoin is mining. A payment system needs someone who runs it. Bitcoin introduced a way for these people to get paid by creating new currency for themselves. That way, there is no single entity in charge. There is no contractual relation that would require government enforcement.
If a Merkle Tree is the only thing a blockchain is to you, then it has legit uses. But that was already widely used before a simplified version became called blockchain.
If you’re thinking about a bitcoin-type blockchain, then evading government oversight is its sole use. The technical overhead and the economic inefficiencies exist only to obscure identities and legal responsibilities.