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The incorrect application of Blockchain Tech leads to "Wasted Time"



The co-founder of Ethereum Vitalik Buterin said that the wrong application of blockchain technology in some sectors leads to "wasting time" in an interview released on November 26th.

Speaking at Devcon's blockchain conference, Ethereum's co-founder said that although there are a number of companies trying to set higher standards using blockchain technology, he does not think technology is applicable in any industry:

"Sometimes it's for marketing hype, sometimes it's just people who are genuinely enthusiastic about blockchains and want the thing I'm personally excited about and their work to align more, which is a totally legitimate human thing to want to do ".

Buterin has identified cryptocurrencies and cross-border payments as industries for which blockchain technology is best suited. "Any other ideas – be it self-sufficient products or identities – is clearly something that takes a long time to process before you can see [whether it] it makes sense on a scale, "added Buterin.

"They [blockchains] I certainly do not provide 100% guarantees of things, especially in the real world, "he said Buterin also criticized the proprietary nature of corporate blockchain projects by technology giants such as IBM:

"I do not understand it deeply, but the detail that has come up is that they are saying" Hey, we own all the IPs and this is basically our platform and you're getting there. "And how, it's … absolutely not the point …."

Buterin also referred to the IBM blockchain for food tracking, which was designed to provide confirmation of the origin of the products, stating that while the project has potential value, it is not sure of the company's ability to run it.

Regarding non-financial applications, Buterin said that he likes the idea of ​​the authentication of university degrees that is implemented in Singapore. The technology supposedly allows institutions to digitally issue education certificates on a blockchain.

In early November, the Ministry of Education of Malaysia announced the establishment of a university consortium to combat fraud in degrees using blockchain technology. The system is designed to release and verify the authenticity of the diplomas issued by the university, while the consortium itself aims to "spread the training of skills", as well as to develop and adopt the technology by students and academics.


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