The Australian Securities Exchange CHESS blockchain: seven years of sunk cost fallacy
The Australian Securities Exchange CHESS blockchain: seven years of sunk cost fallacy
Enterprise blockchain never made any sense.
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By this point, I think it's pretty obvious that blockchain doesn't have any good use cases beyond financial speculation and scams/fraud.
YOU WOULD THINK THAT, BUT
sanctions evasion and money laundering, and that's basically it
It has one legitimate use case that I can think of. Immutable audit logs, even then there are better options.
so in practice it actually doesn't, and enterprise "blockchain" systems tend to evolve:
- do the real work in the blockchain bit
- do the real work in a program with an SQL database attached, claim the blockchain is for audit logs
- every SQL DB can produce those anyway, remove the blockchain bit entirely
- don't bother removing the word "blockchain" from your marketing copy
multiple such cases!
exactly, like I said, there is only 1 thing it could be used for, but there are better options for that anyway.
Blockchain, the solution in search of a problem.
Careful not to conflate things like hash trees with Blockchains. The former do get used for stuff like certificate transparency logs right now, because it is a sensible technology. Blockchains could do exactly the same thing (because they’re based on the same underlying principle), only with much more expense and waste, so there’s basically no point.