Blockchain

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ΞTH:Kiwi: Guys, I found the blockchain finally.

Blockchain: Most overused hype-word ever. If you able to use RDBMS and it works, just do it. Don't use blockchain.

Blockchain technology has undeniably captured the public imagination. With promises of decentralization, immutability, and enhanced security, it's easy to see why businesses scramble to incorporate it into their operations. However, the hype often overshadows the reality – blockchain isn't the magic bullet it's often portrayed to be. In many cases, companies fall for the buzzword trap, attempting to solve problems with blockchain that are much better handled by existing technologies.

Blockchain: Strengths and Limitations

Blockchain's strengths lie in specific use cases:

• Decentralized Trust: When multiple parties need to collaborate without a central authority, blockchain's distributed ledger can create a secure, shared record.
• Immutable History: Certain industries like supply chain management benefit from the unalterable audit trail that blockchain provides.

However, blockchain also has significant drawbacks:

• Scalability Limitations: Most blockchain platforms struggle with high transaction volumes, making them unsuitable for applications requiring fast processing.
• Cost and Complexity: Implementing and maintaining a blockchain can be expensive, and the technology can be overly complex for simple use cases.

The RDBMS Advantage

For most business applications, traditional Relational Database Management Systems (RDBMS) remain the more efficient and practical choice:

• Proven Performance: RDBMS excel at handling large amounts of structured data, offering fast read/write operations and mature optimization features.
• Simplified Management: Centralized database systems are easier to manage and maintain, especially for organizations without extensive blockchain expertise.
• Cost-Effectiveness: RDBMS solutions are usually more cost-effective to implement and maintain compared to blockchain.

The Decentralization Illusion

While blockchain promotes decentralization, the reality is that many so-called "decentralized" applications still rely on centralized infrastructure:

• Cloud Dependency: Even blockchain-based applications often run on centralized cloud services like AWS, Google Cloud, or Azure, undermining the decentralized vision.
• Node Concentration: In many blockchains, a few nodes control the majority of the network's power, effectively centralizing the system.

Choosing the Right Tool for the Job

The key to successful technology adoption lies in selecting solutions that genuinely align with business needs. Blindly chasing the blockchain buzzword is counterproductive. Here's how to break free from the hype:

• Critically Assess the Need: Does your problem genuinely require a decentralized ledger with an immutable record, or would a centralized database work just fine?
• Consider the Trade-offs: Weigh the potential benefits of blockchain against the downsides of cost, complexity, and performance limitations.
• Explore Alternatives: RDBMS technologies have evolved significantly, offering robust data management solutions that may be a better fit for your use case.

Conclusion

Blockchain is a powerful technology with specific applications. However, it shouldn't be treated as a cure-all. Often, the promise of decentralization becomes mere vaporware when weighed against practical realities. By understanding the strengths and limitations of both blockchain and traditional databases, businesses can make informed decisions that truly address their needs, avoiding the pitfall of chasing after buzzwords rather than solutions.

Case Study

Will Phuea Thai Party's Digital Baht Live Up to the Hype?

The Phuea Thai Party's proposal for a blockchain-based digital baht has sparked debate. While the concept sounds revolutionary in campaign ads, technical details remain elusive. Let's delve into the feasibility of this plan.

Blockchain: Not a Silver Bullet

Blockchain technology boasts decentralization and immutability, valuable for specific applications. However, it comes with limitations:

• Transaction Speed (TPS): Current blockchain platforms struggle with high transaction volumes. Imagine waiting several minutes for your morning coffee payment to be confirmed! Existing QR code payment systems like PromptPay handle transactions much faster using traditional RDBMS (Relational Database Management Systems).
• Cost and Complexity: Implementing and maintaining a blockchain can be expensive. Additionally, the technology itself can be overly complex for simple tasks like digital currency transactions.

RDBMS: A Proven Solution

Existing digital wallet applications like PaoTang, developed by Krungthai Bank, utilize RDBMS effectively. These systems offer:

• High TPS: RDBMS excel at handling large volumes of transactions, ensuring fast and efficient payments.
• Lower Cost: RDBMS solutions are more cost-effective to both develop and maintain compared to blockchain.

Decentralization: A Questionable Advantage

The Phuea Thai Party emphasizes decentralization, but in reality, many "decentralized" blockchain applications rely on centralized infrastructure:

• Cloud Dependency: Even blockchain-based systems often run on services like AWS or Google Cloud, negating the true decentralization aspect.
• Node Concentration: In most blockchains, power is concentrated within a few dominant nodes, essentially centralizing the system.

MoNoRi-Chan's Dilemma

MoNoRi-Chan, with his tech background, understands the limitations of blockchain for this specific use case. A blockchain-based digital baht, aiming for decentralization, could hinder transaction speed and incur unnecessary development costs.

So, Will It Work?

The Phuea Thai Party's digital baht proposal faces an uphill battle:

• Technical feasibility raises concerns. Blockchain's limitations might create a system slower and more expensive than existing solutions.
• Reluctance to utilize existing infrastructure suggests potential political motives. Sticking with a proven system like PaoTang might be more efficient, but a desire for a new, party-affiliated system could cloud judgment.

Conclusion

The Phuea Thai Party's blockchain-based digital baht appears more like a buzzword-driven campaign strategy than a practical solution. Existing digital wallet solutions demonstrate the effectiveness of RDBMS for such applications.

For the digital baht to gain traction, the party needs to address technical shortcomings and convince the public that the benefits outweigh the costs and potential delays. Otherwise, it risks becoming another unfulfilled political promise.