Vitalik Buterin slams organizations for chasing blockchain for marketing hype
In a recent interview, Ethereum co-founder Vitalik Buterin talked about the misapplication of blockchain technology in some organizations. He also mentioned the industries that he thinks blockchain technology is most viable for.
In an interview with news outlet Quartz, Vitalik Buterin stated that though a number of companies are trying to adopt the blockchain technology, it is not applicable for all industries. He believes that some of these firms are just using it for marketing hype.
“Sometimes it is just people who are genuinely excited about blockchains and want the thing they are personally excited about and their job to align more with each other, which is a totally legitimate, human thing to want to do,” he said.
“Today, a lot of organizations are using Ethereum for marketing hype in places where blockchain doesn’t make a lot of sense (or where a database would suffice). For instance, the UN’s World Food Programme. What do you think of those applications?”
He then mentioned that blockchain technology is only ideal for cryptocurrencies and cross-border payments. The Ethereum co-founder believes all other ideas such as “products or the self-sovereign identity stuff” needs little more time to work out and one needs to see if it makes sense.
Vitalik Buterin also criticized tech giants such as IBM for their proprietary nature of blockchain projects. “I don’t understand this deeply, but the detail that jumped out at me is they’re saying ‘Hey, we own all the IP and this is basically our platform and you’re getting on it.’ And like, that’s… totally not the point….”
Buterin also spoke about IBM’s blockchain-powered food tracking project, which was developed to provide confirmation about the origin of products. He believes that the project has potential but he remains unsure of whether the company can execute it properly or not.
As far as his favorite non-financial applications are concerned, he stated that he liked Singapore’s idea to “authenticate university degrees”. “The idea is when you get a degree—or potentially, a record from any institution—that record will be digitally signed, but if it gets revoked, then a message will be published to a blockchain,” Vitalik Buterin explained.
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