Vitalik Buterin, the co-founder of Ethereum (ETH), has recently aired his opinion on non-financial use cases of blockchain technology.
A few days ago, Buterin took to Twitter to share a paper titled, “Where to use a blockchain in non-financial applications?”
In the paper, he spoke about the growing interest in using blockchain technology outside of the financial industry. He said although other industries have been slow in the adoption of blockchain technology, he can see how blockchain can be applied in many situations.
According to Buterin, blockchain can help in trust and censorship resistance. He also expects blockchains to be used for cheap and reliable data retrieval.
Vitalik Buterin noted:
“I see the value of blockchains in many situations, sometimes for really important goals like trust and censorship resistance but sometimes purely for convenience…
“Blockchains as data stores for short text records may be marginal or may be significant, but I do expect at least some of that kind of usage to keep happening. Blockchains really are just incredibly convenient for cheap and reliable data retrieval, where data continues to be retrievable whether the application has two users or two million.”
In the paper, the Ethereum co-founder also discussed Open-source metrics, an idea that is still in its very early stage. Regarding the new idea, he wrote:
“A really important one is measuring decentralization and diversity. For example, many people seem to agree that an ideal voting mechanism would somehow keep diversity in mind, giving greater weight to projects that are supported not just by the largest number of coins or even humans, but by the largest number of truly distinct perspectives.
In conclusion, Buterin said, “I have a large degree of uncertainty in exactly what level of non-financial blockchain usage in each of these categories makes sense, but it seems clear that blockchains as an enabling tool should not be dismissed.”