The co-founder of Ethereum Vitalik Buterin recently stated that blockchain applications are more suitable for cross-border payments. While talking at the Devcon4 blockchain conference, Buterin said that some industries are simply wasting their time by misapplying this technology. He further added that even though there are lots of companies putting efforts to establish higher standards using blockchain technology, he does not believe that is applicable in each and every industry.
According to Buterin, “Sometimes it is 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.” But he believes that virtual currencies and cross-border payments are the most suitable options for the applications of the blockchain.
Buterin feels that all the other ideas related to the applications including products or self-sovereign identity stuff still needs more time and will have to be worked upon to make some sense. The Ethereum cofounder also criticized tech giant IBM and other similar companies for their proprietary blockchain projects.
According to Buterin, the blockchain applications do not offer 100 percent guarantees in the real world. While discussing the use of blockchain for food tracking by IBM, the 24-year-old Russian-Canadian programmer stated that although the project has been designed with the view to confirm the origin of the product, he is not sure how IBM will execute it, reported Quartz.
Talking about the non-financial applications, Buterin stated that he liked the concept of authentication of university degrees currently under implementation in Singapore. This technology will allow the institutions to issue education certificates digitally on a blockchain platform, reported Cointelegraph.
Apart from running the cryptocurrency platform, blockchain applications are now being used in almost all the sphere. At the start of this month, the Malaysian Ministry of Education announced its plans to establish a University Consortium to overcome the issues of degree fraud with the help of blockchain technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]