Ethereum co–founder Vitalik Buterin noted that the wrong application of blockchain technology in some industries leads to “lost time” in his interview with the business news outlet Quartz.
Speaking at the Devcon4 blockchain conference, Ethereum co–founder said that although there are a number of companies that are trying to set higher standards for the use of technology, the blockchain can not be used in every industry.
“Sometimes it’s marketing advertising. Sometimes it’s just people who are genuinely interested in blockchain and want to use it personally,” Buterin argues.
The Creator of Ethereum has determined that the blockchain is suitable for such areas as cryptocurrencies and international payments. Other ways of using the technology, such as its introduction into various products of companies or use in projects related to the sovereign digital identity, require time. It is necessary to understand whether it is necessary to apply the technology in such ways on a large scale.
Buterin also criticized the patent nature of corporate blockchain projects from such technological giants as IBM:
“I did not dive into this issue, but I’m just amazed. They claim that this is their platform because they own the intellectual property and you need to use it. And, as I say, the idea of technology is not in this.”
Nevertheless, Buterin noted that the IBM blockchain project for food products, which is designed to track the place of their origin , looks very promising, but the Creator of Ethereum is not sure that he will be “brought to mind”.
As for the use of blockchain technology outside the financial sector, Buterin noted the idea of checking the authenticity of higher education diplomas, which is already being implemented in Singapore. This technology allows educational institutions to issue certificates of education in digital form on the blockchain.
It is worth noting that Vitalik Buterin constantly talks about the blockchain, which attracts the attention of both supporters and opponents of the technology. So, he has already managed to hint to the outstanding economist and crypto–currency skeptic Nuriel Rubini not to speak badly about the industry in which he does not understand.
- Buterin promised to increase the performance of the Ethereum network a thousand times
- The former head of Google saw in Ethereum a huge potential
- Visa will use Ethereum-a platform developed by IBM
- China has published the October version of the ranking of cryptocurrencies
- The founder of CoinJar: stablecoin has great potential