this post was submitted on 22 Aug 2024
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I'm not entirely sold on the technology, especially since immutable ledgers have been around long before the blockchain, but also due to potential attack vectors and the natural push towards centralisation for many applications - but I'm just one man and if people find uses for it then good for them.
What other solutions to double spending were there in financial cryptography before?
No idea, I don't work in fintech, but was it a fundamental problem that required a solution?
I've worked with blockchain in the past, and the uses where it excelled were in immutable bidding contracts for shared resources between specific owners (e.g. who uses this cable at x time).
Fully decentralized p2p cryptocurrency transactions without double spending by proof of work (improvement upon Hashcash) was done first with Bitcoin. The term fintech did not exist at the time. EDIT: looked it up, apparently first use as Fin-Tech was 1967 https://en.wikipedia.org/wiki/Fintech -- it's not the current use of the term though.
I guess additional bonus for crypto would be not burning the planet, and actuallt have a real value of something, not the imagined one.