But like, why? Sure, blockchain can do a lot of things, but it’s not clear that it’s better than an API for the vast majority of applications while being worse in a number of ways. You can put similar governance rules on an API without the complexity. The flexibility inherent in human interpretation of legal agreements is a key feature of a common law system like we have in the US.
To echo the author’s thesis, we’re no longer in the early days of blockchain. We’re over a decade in and nobody has gained traction with a use case that isn’t purely speculative. That in and of itself should say something.
Blockhains can be as simple as an API. See the 7 layer stack in the Nexus blockchain (you definitely don't need to go smart contract all the time).
I think the author exaggerates a bit the tone. Sure, 10 years is a lot of Internet time. But the steam engine took 50 years to become viable. Then the industrial revolution was a period of 80 years. Put that into perspective.
I guess, by speculative, you mean the cryptocurrency craze.and I can agree is a speculative bubble, an MLM scheme. But then you also have https://cyber.ee/resources/news/digital-identity-and-blockch... . You'll soon have CDBCs. And when it's here, you'll barely remember what this conversation.
I’ve done some work in the supply chain space around blockchain; the problem is that in many industries there is already an oligopoly of 2 or 3 companies that control things. They have no incentive to give up any amount of control; instead preferring to lock their customers in to their products and platforms. Governments are the same in an international sense.
The technical problems are solvable. The political ones are not.
To echo the author’s thesis, we’re no longer in the early days of blockchain. We’re over a decade in and nobody has gained traction with a use case that isn’t purely speculative. That in and of itself should say something.