Blockchains are Crazy!
Web developers struggle to appreciate the value of the Blockchain. Its probably a good to have a pragmatic and realistic view of the technology. Here are some good points:
- It's a Resource Sink
- It's speculative
- Slow Transactions and Scalability
- Freedom at a Cost
- Technology Maturity
- Smarts Contracts can't call APIs
- Complexity & Resourcing
- Code as Law, Bugs as Law
- Do you really need to Blockchain?
Blockchain is a very smart idea with huge possible implications. The current implementation/s are not quite ready to disrupt the future. However, the blockchain is able to create an economy which funds itself to displace traditional systems. This is its potential.
Blockchains are not efficient enough, not enough developer-friendly, and they give too much power to a small league of extraordinary developers without enough political and economical oversight.
Blockchain is expensive, and often overkill. Costs can be upwards of 10x. Blockchain needs more maturity, another killer app than a speculation engine, a larger developer community, more efficient technology.
It's a chicken and egg situation. Will speculation fund the technology, or the technology create the value. Its a combination of both, with developers innovating, and investors seizing the technology as a platform to disrupt.
Read the points here: https://www.cryptiq.xyz/2017/11/13/blockchains-are-crazy/