Will blockchain have any practical use case? Will it augment banking?

[Renegade]

Blockchain is one of those things which have been in hype but have not yet managed to break out of its shell.

Decentralized authority, transparency, tamper resistance, bypassing intermediary fee were some its benefits.

Its major pull backs have been the huge energy consumption, regulatory clampdown and risk of misuse through money laundering.
Even enterprises who have dedicated teams working on blockchain have had limited success due to its complexity and lack of scalability.

The only use case so far have been setting up unofficial currencies and gambling/investing in those currencies.
Governments have tried to experiment with digital currency but its mostly to understand its risk I suppose.

My question is, what do you think needs to change for blockchain to become mainstream. Will it ever become mainstream.
Will it ever replace/augment traditional banking. And should it?

 

[crytt]

Isn't RBI working with private banks to roll out digital eRupi as a replacement currency based on blockchain? I heard it was already in use at certain banks?

 

[kingabraham]

Digital Rupee despite being introduced ain't so popular. Folks are used to UPI and the current banking channels.

 

[rsaeon]

The digital rupee is immensely popular in the crypto world, as a deterrent for P2P scams.

Sooner or later, you'll find a dishonest buyer who would pay using a compromised or hijacked account, so when the owner takes back control, a lien is put on your account to recover the funds.

The digital rupee basically prevents such a thing from happening.

Tip: don't sell crypto to buyers in Gujarat.