Real talk with a blockchain engineer (2021 edition)
Strong use cases that have emerged for blockchains are:
- Proof of digital ownership: currency and NFTs (anything non-fungible)
- Transparent voting: verifiable elections and governance ("DAOs")
DeFi has shown some incredible applications like uniswap emerge with now silicon valley backing.
Unfortunately DeFi is also rebuilding the house of cards we have in the current financial system, which only a select few will really understand and benefit from.
So what's next?
Governance.
The future for blockchain is all about semi-regulation in the western world. There must be an avenue for proper governing bodies to participate, even for simple things like verifiable dispute resolutions, yes and tax.
Currently software developers hold all the keys to governance due to technical entry barriers. e.g. there's a misconception that only X bitcoin will ever exist, actually bitcoin core devs could change this at anytime (of course with repercussions, forks, etc.).
If blockchains do not evolve to allow proper decentralized and judicial governance systems we will simply recreate the current state of things except with software developers in charge. Governments will then ban use of public blockchain cryptocurrencies and supplant them with their own private variants (see CBDCs).
Lastly, most people will be using blockchains in 10 years without realizing or caring as the UX improves.
All that said, it's an incredible space to be working in.