As Cory Doctorow points out, merely putting something on a blockchain doesn’t make the data itself ‘trusted’ (or useful!)

In passing, it’s interesting that he cites Vinay Gupta in the piece, as Vinay is someone I’ve historically had a lot of time for. However, Mattereum (NFTs for physical assets) just… seems like a distraction from more important work he’s previously done?

In other words:

if: problem + blockchain = problem – blockchain

then: blockchain = 0

The blockchain hasn’t added anything to the situation, except considerable cost (which could just as easily be spent on direct transfers to poor farmers, assuming you could find someone you trust to hand out the money) and complexity (which creates lots of opportunities for cheating).

Source: The Inevitability of Trusted Third Parties | Cory Doctorow