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Comment on Whatever happened to the blockchain/smart contract 'revolution' we were told about?

Canconda@lemmy.ca ⁨1⁩ ⁨week⁩ ago

It’s actively transforming global agriculture. While the USA failed to innovate Canada has integrated blockchain into it’s agricultural sector to facilitate unparalleled trackability.
Blockchain transactions are painfully slow compared to other payment processers. BTC is only 7 transactions a second. VISA handles 65,000 transactions per second.
Crypto currency isn’t backed by a nation’s GDP; which is effectively the mechanism that gives money value. However USA just passed laws recategorizing crypto issuers as financial institutions; that must comply with regulations such as having a % of their liabilities(crypto) as collateral (Cash). So we shall see where things go.

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hisao@ani.social ⁨1⁩ ⁨week⁩ ago

Crypto currency isn’t backed by a nation’s GDP

Stablecoins? USDT is the most traded crypto globally since 2019.

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- Canconda@lemmy.ca ⁨1⁩ ⁨week⁩ ago
  Well the value of the USD is based on the bond market which is essentially based on USA’s GDP.
  
  I’m not saying stable coins don’t exist. I’m explaining the fundamental valuation difference between crypto and national currencies.
  
  Also traded /= transacted. In the context of OPs question, the existance of stable coins has not pushed the needle on crypto from a trading asset to liquid transactable colloqueal currency.
  
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kiwifoxtrot@lemmy.world ⁨1⁩ ⁨week⁩ ago
Canada didn’t integrate blockchain into agriculture on a whole. The article you linked was a pilot study.

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dhork@lemmy.world ⁨1⁩ ⁨week⁩ ago

VISA handles 65,000 transactions per second. That’s one of the major reasons we’re not seeing more widespread adoption.

I thought they were gonna fix that by running a bunch of bar tabs

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Ziggurat@jlai.lu ⁨1⁩ ⁨week⁩ ago

It’s actively transforming global agriculture. While the USA failed to innovate Canada has integrated blockchain into it’s agricultural sector to facilitate unparalleled traceability.

This example is a nice summary of the issue with block chain. Sure it can be done with block chain.

However, is it really doing it better than SAP or whatever large corporate program used to do it? Is there an ecosystem of thousands of specialised consultant that will tailor a solution for your need? Most managers tends to be conservative with tech, they want a brand they know (Microsoft, SAP) wich can provide a support contract and be sued, and with sales-person wearing a tie. The cryptobros and theirs block chain based startup do not match.

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Ziggurat@jlai.lu ⁨1⁩ ⁨week⁩ ago
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