Re:Ask HN: Am I going insane or is there genuinely no value ...
by phire on Saturday April 23, 2022 @08:13AM
(#31133602)
Such usecases actually run into an economic problem.
You can't just create a proof-of-work blockchain to hold your records. That blockchain also have to be a functioning economy with a large enough market cap to pay out mining rewards that are large enough to make a 51% attack economically nonviable. If you fail to do so, or the economy falls apart, all tamper-resistance just disappears.
It actually ends up being cheaper just to trust a group of authorities, and pay auditors to make sure they are being trustworthy.
You can't just create a proof-of-work blockchain to hold your records. That blockchain also have to be a functioning economy with a large enough market cap to pay out mining rewards that are large enough to make a 51% attack economically nonviable. If you fail to do so, or the economy falls apart, all tamper-resistance just disappears.
It actually ends up being cheaper just to trust a group of authorities, and pay auditors to make sure they are being trustworthy.