Don’t believe the hype: Web3 is not going to change the world
Source: Sifted
Edwin Kirk argues that beyond cryptocurrencies and the black market, there are few sensible use cases for a blockchain. To begin with, distributing a database poses a challenge to scalability.
Next, public databases are not always the best solution for storing confidential information. Third, immutability has its downside, and potential errors are difficult to fix.
Finally, commercial activities do not run in trust-free environments, the blockchain simply replaces one intermediary with another.
The author concludes that while Web3 and blockchain might not pave the way to some much-promised digital utopia, it will serve to feed future innovation.