Do blog commenting still works in SEO?

[Ferrell]

As Google and other search engines are changing their algorithm day by day, and the work which we have been doing in the past for optimizing the website does not help in ranking the website in a greater way.

I have read in an article that stop building backlinks from blog commenting, social bookmarking and directory submission. But instead go in for updating your site with good, fresh and quality content which will help in indexing the site and getting ranked. Also, most of the commentators in blogs, does not sharing the good content that are related to the post, they are simply sharing some irrelevant comment and placing their website link over there.

What is your opinion on blog commenting? Please share some useful tips.