Wednesday, May 22, 2024
HomeBlockchainEthereum’s Vitalik Buterin Discusses How Blockchain Can Be Applied Outside of Financial...

Ethereum’s Vitalik Buterin Discusses How Blockchain Can Be Applied Outside of Financial Industry

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?”

Read Also: Ethereum’s The Merge Goes Live on Ropsten Test Network, Vitalik Buterin Reacts

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.”

Read Also: Ethereum’s Vitalik Buterin Slams Terra: No Genuine Investment Can Promise 20% Returns Per Year

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.”

Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Latest News & Articles