loaExMachinaJul 26, 2023

Is the blockchain an interesting innovation, aside from cryptocurrencies ?

https://sh.itjust.works/post/1769509

Is the blockchain an interesting innovation, aside from cryptocurrencies ? - sh.itjust.works

For a long time, I thought of the blockchain as almost synonymous with cryptocurrencies, so as I saw stuff like “Odyssey” and “lbry” appearing and being “based on the blockchain”, my first thought was that it was another crypto scam. Then, I just got reminded of it and started looking more into it, and it just seemed like regular torrenting. For example, what’s the big innovation separating Odyssey from Peertube, which is also decentralized and also uses P2P? And what part of it does the blockchain really play, that couldn’t be done with regular P2P? More generally, and looking at the futur, does the blockchain offer new possibilities that the fediverse or pre-existing protocols don’t have?

Show threadmanitcorJul 26, 2023
The value is in the forward signed, immutable ledger written by neutral consensus. This can take a lot of form and be the backbone of many types of applications (and already is used by large firms), the current market for direct public ledgers is a mess and I don’t generally agree with much of the last craze beyond the fundamentals needed to manage transfers, ownership and executions. The applications that will use these kinds of networks haven’t really been built yet.
Show threadphillaholicJul 26, 2023
Any sources in large firms using it? I haven’t seen anything other than generic marketing talk.
Show threadmanitcorJul 26, 2023

I can say of the top of my head the JPM and AMEX are running internal ledgers but there are many more, IBM and Accenture co-developed a system called Hyperledger which was given to the Linux Foundation. Its a tool kit for developing and deploying ledger applications primarily targeted at internal corps.

One of the cases these are good for is an easier to manage rights and asset control systems than many products you would pay more for and with less futzing with IAM, LADP or AD.

Show threadAtemu
You don’t need a distributed untrusted consensus algo for internal ledgers. That’s trusted parties only.
Jul 26, 2023 at 8:22pmWeb
Show threadmanitcorJul 26, 2023
for the most part yes, there are interesting regulatory scenarios that are on idea boards, mostly they want the secure write and a form of DiD being provided. these system provide some interesting legal scenarios with regards to accounting for assets in escrow on behalf of clients. In one form they are liabilities, in another, they are technically under the customers control.
Show threadRaknJul 27, 2023
But what value does Blockchain bring to the table here that other technologies wouldn’t?