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So much for Blockchain's real life use cases (lemmy.ml)

submitted 4 months ago by [email protected] to c/[email protected]

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[–] [email protected] 24 points 4 months ago (14 children)

A banking system running on Blockchain

Is an astronomically terrible idea. It:

would use as much electricity as an entire country
payments/transfers would be both much slower AND much more expensive than via a bank
would have no protection against fraud. You got scammed? Your money's gone. You paid for something online and it never arrived? Too bad
would have no way to stop money laundering
would have no way to help people who forgot their password, they'd just lose their life savings permanently
would tie up a bunch of capital, preventing reinvestment and growth. There would be no way to get a bank loan to buy a house for example
the list goes on

[–] RedDoozer -3 points 4 months ago (7 children)

All your points are about an obsolete idea of Bitcoin, a PoW public blockchain. A PoS private blockchain with private keys not handled by the users would invalidate your entire list.

[–] [email protected] 3 points 4 months ago (1 children)

PoS centralizes the authority to whoever is richest. That’s literally worse than how paper currency with semi corrupt government works.

[–] RedDoozer 1 points 4 months ago

The PoS option was to highlight that power consumption doesn't have to be an issue. Of course, PoS has its own issues.

The network can use any other type of proof, like Proof of Authority where only a buch of validators owned by the banking system can process the transactions. The network can be even tokenless, no profit or incentives from it, just the secure architecture.

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