this post was submitted on 15 Jun 2024
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I sort of understood the premise for chain-of-custody style use cases, but the other side of the coin is that these usually, or always, have a final arbiter of validity. Typically it's a court system or an end purchaser who decides if the data is valid.
For example, an obvious use case is "record a will or deed on the blockchain, cryptographically signed and timestamped, to eliminate any disputes about ownership." Except the same problem is trivially solved by a scheme where I could register my will/deed with the legal system itself, which is already pretty good at storing documents, and no need to cart around a big, heavy blockchain. Most of the problems in that space come from spotty, inconsistent record keeping (why aren't these documents centrally registered in the US?) and more centralization solves them.
That's why the fixation on decentralization is often a waste. I suspect the real appeal is fear of human institutions. A banking or legal system subject to laws and social norms might refuse to honour the documents you file, but soulless decentralized code will dance as it's told to. For example, I could imagine wiring a smart contract triggered to irrevocably pay on the event of someone's death, while writing "hitman fees" in the memo of a paper cheque probably raises a few eyebrows at the bank.