My question is if your conclusion is that blockchain is a solution in search of a problem, what was all that effort being spent on (not just in finance, but everywhere blockchain is being considered)?
I'm not saying that blockchain is not a valid solution to a problem, but as a veteran of the online industry, I can say I've seen a lot of hype around new technology, actual effort being put into it, and then the realization that the effort was for nothing. Either the solution is no better than the old solution, just different, or the solution is so obscure, that the cost of maintaining it is greater than the value it generates.
In the end, the costs of the choices of these institutions are being paid for by you and I, and I hope they don't go too deep into their project before realizing: “Basically, it became a solution in search of a problem,”
I'm not saying that blockchain is not a valid solution to a problem, but as a veteran of the online industry, I can say I've seen a lot of hype around new technology, actual effort being put into it, and then the realization that the effort was for nothing. Either the solution is no better than the old solution, just different, or the solution is so obscure, that the cost of maintaining it is greater than the value it generates.
In the end, the costs of the choices of these institutions are being paid for by you and I, and I hope they don't go too deep into their project before realizing: “Basically, it became a solution in search of a problem,”