You can take any obscenely inefficient technology and apply it to anything and say "look, it's useful", but that doesn't make it a good idea or viable or really even not pointless.
I heard it best put as: blockchain provides trustlessness at very high operational cost -- do we have a business case where trustlessness is a competitive advantage? If not, just use a database or equivalent
So like yes, you can implement insurance and messaging and contracts with blockchain. Is there a need to do that? Does it make sense? Would that business work? (Zero percent of such businesses have worked)
The sending money part is certainly a legitimate use. Unfortunately it's being totally broken by speculation on all the coins (not to mention high gas).
> So like yes, you can implement insurance and messaging and contracts with blockchain. Is there a need to do that? Does it make sense? Would that business work? (Zero percent of such businesses have worked)
The tricky part of this, of course, is in the Bitcoin space “validity” hinges upon valuation. Unfortunately cryptocurrency valuation is based on narrative entirely, and narratives continue driving trading volumes even in the face of undeniable technological shortcomings, see e.g. the saga of continual unstable “stablecoin” implosions, or Ripple.
I heard it best put as: blockchain provides trustlessness at very high operational cost -- do we have a business case where trustlessness is a competitive advantage? If not, just use a database or equivalent
So like yes, you can implement insurance and messaging and contracts with blockchain. Is there a need to do that? Does it make sense? Would that business work? (Zero percent of such businesses have worked)
The sending money part is certainly a legitimate use. Unfortunately it's being totally broken by speculation on all the coins (not to mention high gas).