Can someone please explain what other uses for blockchain technology exist, apart from currency? I've heard Bill Gates & other tech gurus say that the blockchain tech is great & here to stay, but crypto currency is not something that they support. So what good changes will blockchain tech bring?
& what about NFTs? Just seems like a different form of micro-transaction?
Feel sorry for those that lost their life savings. Sure, it's easy to criticize them. But sometimes you just get taken in by the mass hype/hysteria. There's so many influencers all around. One can easily be misled.
Block-chains only purpose is to have algorithmic method of recording and verifying transactions that cannot be fudged.
Typically we have central authorities that record and very most of the important transactions - and we trust that they are not fudged - this is the basis of current human economic structure. Block chain allows humans to do away with central authorities.
Real estate deals, currency transactions are some of those transaction that all humans want to fudge to their advantage, but are unable to do so because of central authorities (RBI->Banks->Customers). Block chain allows decentralization of this authentication.
What is the real use of it? Anarcho-capitalists believe that we should do away with all forms of governments and controls. If you live in such a place, then block-chain becomes the only means of remaining sane. (However, such naive anarchists don't understand that any such place would be ruled by violence and trust/authentication all becomes a moot point then.)
Energy and resource wise, current block-chain technology is ill-suited for human population consumption.
NFT, like crypto-currency is just another application of block-chain technology, used to authenticate the genuine lineage of a piece of art that you hold. (Perhaps you don't want to carry Sotheby's certificate of authenticity).
Quite frankly, I am yet to see a void that is being filled by block-chain.