Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
If you have multiple banks, you can have multiple copies of the same database. If any one bank modifies their copy, it is obvious who modified it and what was changed. No blockchain needed.
How do you sync those copies? Whatever sync process you use could be abused to propagate wrong transactions into other banks unless you figure out a solution to the bizantine generals problems, other than a Blockchain I mean.
Something similar to the way files (and bank transaction records) are modified on a drive. A first message indicating that a specific transaction is starting, a second message with the transaction, and a third message indicating the transaction is complete.
If any message is not acknowledged, it can be resent (with an ID so it’s recognized as a duplicate), and if all else fails, flag a human.
The system doesn’t need to be 100% accurate, just good enough that only a few humans are needed to fix the problems.
The Byzantine Generals problem is only a problem if you need 100% certainty from both sides. If you’re willing to put up with 99.99% certainty, then network engineers have solved this problem many years ago.
Everything is possible, but it would be a much more complex solution than running a blockchain that is designed for that use case.