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It might be natural for humans to see the cryptocurrency markets financially, and this could be the reason why most of the cryptocurrency titles tend to turn around the price of Bitcoin. This could be natural, given that digital assets have been able to rise in value from under a dollar to over $ 19,000 in less than a decade. However, Vitalik Buterin, the co-founder of Ethereum, went on a "tweetstorm" on the "non-financial applications of the blockchain", emphasizing that "this will become an ever-larger part of the story".
1. Time for a brief tweetstorm on non-financial applications of blockchain. Because the scalability of blockchain improves and improves and UX improves and the rates decrease as a result, this becomes an ever larger part of the story.
– Vitalik non-donor of ether (@VitalikButerin) 10 December 2018
2. An underrated way to view blockchain is like an extension of cryptography that does different things. Encryption allows you to encrypt data, prove that data has been signed by someone, etc. Etc. blockchains OTOH allows to prove that a data has not * been * published.
– Vitalik non-donor of ether (@VitalikButerin) 10 December 2018
Buterin then described the fact that blockchain technology could be used to ensure the validity of university degrees. He noted that there is more use of this, and it is correct: there are countries all over the world that are using blockchain technology to verify grades of all kinds. More recently, Malaysia announced, through the Ministry of Education, those degrees would have been verified on the blockchain of the NEM. Even the Bahamas established a similar system at the beginning of this year.
3. A simple example is a blockchain app for verifying university degrees I've seen recently. A degree is certified with only a digital signature, but * revocations * are put in a chain. With the cryptography alone it is not possible to check that the revocation is not * signed; but with a blockchain …
– Vitalik non-donor of ether (@VitalikButerin) 10 December 2018
4. To verify that the title has not yet been revoked, simply scan the chain and check all the revocation contract records. If a certain grade has been signed and the revocation has not been found on the chain, it means that it is still valid.
– Vitalik non-donor of ether (@VitalikButerin) 10 December 2018
Of course, this may not have financial implications – but it has a social purpose. Ensures the safety of grades. This is particularly important considering that the "content mills" that produce fake titles have become a recent problem, and the UK is a recent example of this problem is growing in importance.
Buterin did not stop here, as it is clear that he wanted to investigate other ways in which blockchain technology could offer innovation. He also stressed that blockchain offered "permanence". This was important in the sense that authorities could potentially change information in the future, but no matter what, a blockchain is immutable. He tweeted:
13. Another interesting thing that blockchain damage is the value of permanence. For example, an ERC721 collector contained in your ethereum wallet is "yours" in a very real cryptographic sense that would not be the case if it had just been stored in a centralized server.
– Vitalik non-donor of ether (@VitalikButerin) 10 December 2018
14. Centralized servers can decide to change the rules later, they can be violated or they can simply shut down if the company disappears. A receipt from Merkle blockchain, on the other hand, is forever.
– Vitalik non-donor of ether (@VitalikButerin) 10 December 2018
This is particularly evident in the fact that if a government attempted to censor information – before the blockchain technology, the servers could be shut down. Before the Internet existed, documents could be seized and destroyed. The blockchain technology, in this sense, offers a "permanence" that previously did not exist, as it does not require that a "device" functions or that a server is active.
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