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December 11, 2017, 04:00:33 PM |
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The most commonly stated benefits of blockchains are decentralization, immutability, transparency, security, etc. I'm primarily concerned with blockchains as a technological advancement on the scale of the Internet, not just as a payments ledger. In other words, I'm talking about Ethereum/NEO/Qtum, not Bitcoin/Litecoin/etc.
The average person wouldn't understand how blockchains work, so they have to trust others when people say blockchains are transparent, immutable, etc. Programmers would read the source code for popular DApps and tell laypeople which DApps are trustworthy. This requires laypeople to trust programmers. This is like Facebook employees telling non-employees that Facebook isn't processing background audio data, but we can't know for sure if they're telling the truth. It's true that anyone can learn how to read code and understand blockchains, but the average person wouldn't have the time to do so.
Some other commonly stated benefits of blockchains relate specifically to money. Cryptocurrencies get processed faster, cost less to transfer (unless you're using Bitcoin), and you own it. However, you could also have these benefits without blockchains; there's a reason why banks are the way they are.
Bank transfers are slow because they intentionally wait a few days to make it easier to reverse transactions in case of fraud. Eventually, I think there will be so much cryptocurrency fraud that fraud-prevention systems will have to be used, but these systems will be much slower than sending cryptocurrencies directly. Banks can also cost more to make transfers because you're paying for the services that banks provide, such as being able to reverse your transaction if there's fraud. If you want to own money and transfer it directly to others, just use cash and mail it. People used banks in the first place so their money didn't get lost. You can get a Cryptosteel, but it's still nowhere as secure as a bank.
I think the main benefits of blockchains to an average person is working against governments and laws, as opposed to solving a technological problem. For example, sending money across borders is troublesome, which cryptocurrencies can fix. However, this isn't a technological problem, it's merely a legal problem. Another example is combating government censorship, in case of a dystopian future or in a place like China. However, the average person in China doesn't care about government censorship, since it doesn't affect their pursuit of their goals. An average Chinese person doesn't care if the government is suppressing news about a protest, since it doesn't affect their ability to pursue a happy life. So even if the government suppresses information but the blockchain contains the truth, I don't think the average person would care much.
It'll be great if you could change my view. What technological benefits do blockchains bring to the average person?
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