this post was submitted on 07 Jul 2024
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So much for Blockchain's real life use cases (lemmy.ml)
submitted 4 months ago by whydudothatdrcrane@lemmy.ml to c/memes@lemmy.ml
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[โ€“] miridius@lemmy.world 1 points 4 months ago (1 children)

All my points? That's a bit rich

You make a good point that PoS would solve one of the issues I raised which is electricity usage.

In theory it could also increase throughput and reduce costs, but: a) in practice that hasn't happened yet despite years of development, b) it's never going to be as efficient as a centralised system because of the extra overheads necessary to decentralise it, so that point still stands

All my other points still stand as well, plus the additional problems PoS creates to do with centralisation of power

[โ€“] RedDoozer@lemmy.zip 1 points 4 months ago

The keyword is "private." The redundant system all the banks maintain can be reduced to a private, permissioned blockchain, creating a network for the banking system to handle their own transactions in addition to a seamless inter-bank communication.

I doubt a network for just one bank can be that useful compared to the current situation.

Also, I'd say that every bank has (had?) a team researching the blockchain.