this post was submitted on 09 Mar 2024
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That highly depends on what blockchain implementation is being used and what it's being used for. Blockchains used for craptocurrency are highly inefficient, which is the vast majority. But there are a small handful of specialized (proprietary) blockchains that are just efficient enough to be practical in their highly specific use case.
Such as?
Walmarts proprietary food tracking system based on Hyperledger Fabric that they partnered with IBM to tweak & implement, enabling customers to track ingredients back to the farms within seconds, improving food safety, optimizing supply chain operations, enabling efficient tracking of stores and distribution centers, enhancing procurement management by collecting data on product origins, batch numbers, and quality parameters through QR codes and e-certificates.
How is that better than a database? Is someone concerned that Walmart will fabricate supply chain tracking?
Their prior database lacked transparency, real-time tracking, & scalability making tracing take days.
Just an FYI, Hyperledger Fabric is not like the blockchains for craptocurrency. It's a highly modular, permissioned not permissionless, distributed ledger & it allows for pluggable consensus mechanisms. It's very likely that Walmart uses a custom consensus algorithm and nothing like any of the public PoW, PoS, PoA, or PoET consensus algorithms.
Interesting! Thanks for elaborating.