Please don’t auto downvote before reading.
A little bit ago some asked a question about why the hate of the blockchain, and that got me thinking if there even was a legitimate use case where the blockchain would be beneficial, but I couldn’t think of one outside maybe some sort of decentralized bank, but before I knew I was thinking it would instantly turn into some crypto scheme and strapped it, because crypto currencies are a scam on every level – and no they aren’t private or secret as some think either.
So I wanted to ask the community. Instead of using the blockchain for crypto, is there a better use where the blockchain could benefit society?
The most attractive part about blockchain is the decentralized ledger showing each transaction made.
I feel like greater minds than mine could come up with a way to use that to fight government corruption. Every transaction is a matter of public record.
I doubt it’s really a practical solution though. Each transaction makes each subsequent transaction more computationally expensive. Plus all these vendors and contractors and everything are accustomed to fiat currency. Likely, they’d just immediately exchange it for cash.
This of course doesn’t tackle the issue of under-the-table corruption where you invite a senator out for lunch and kickbacks. I’m also sure that the government would want to maintain their own ledger, or that conniving people will find a way to cook the books anyway.
Thank you. I’ve been saying for years that blockchain should replace government records for all public domain applications.