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16 Nov

How is blockchain technology going to change the world?

Blockchain technology is only useful for cryptocurrencies, NFTS and the gambling economy they generate.

As a software engineer aware that my skill set can atrophy pretty quickly on the IT market if I don't actively learn new things, I started to study what blockchains are and how they work. If you are passionate about tech and problem solving, your first reaction when seeing the underlying system is "that's really clever". For many in tech, myself included, there is a sort of epiphany when finding ingenious solutions to difficult problems.

I then wanted to create a program that used this clever new technology. But there was a big hiccup. I could not find any convincing use case for it, whatever scenarios I could come up with there was always a better alternative.

In the end, the only way I managed to devise a use case was when I started thinking backwards, by looking at the characteristics of the blockchain development services and devising features and requirements based on them. But that lead to an app that no one would ever need because it's the literal definition of having an answer in search of a problem.

That's because the blockchain is, without getting into the tech jargon, a database that is immutable, distributed, decentralized, append-only that operates in a trustless environment. Let's see how often these characteristics are needed:

  • A database - very often, though it can be as simple as an excel spreadsheet.
  • Distributed - sometimes but not often. If for instance you have users in the US, Europe and India, you get a performance benefit it the data is replicated in each area, closer to the users.
  • Immutable and append-only - very rarely, the vast majority of systems presuppose a change of the system's state.
  • Decentralized, operating in a trustless environment - basically never, apart from cryptocurrencies, there is no use case for this feature.
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