Misapplication of Blockchain can result in ‘wasted time’
On November 26, 2018, Vitalik Buterin – Ethereum creator – said that the misapplication of blockchain technology in some industries leads to “wasted time” in an interview with business news agency Quartz.
When V. Buterin spoke at the Devcon4 blockchain conference, he stated that although there are a lot of companies that intend to meet higher standards by using blockchain technology, he does not think the technology is relevant to every industry:
“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.”
The most suitable fields for blockchain technology are cryptocurrencies and cross-border payments, according to V. Buterin. “All of the other ideas — whether we’re talking about products or the self-sovereign identity stuff — that’s clearly something that still needs much more time to be worked out before we can see [if that] makes sense at scale,” Buterin said. “They [blockchains] definitely don’t provide 100 percent guarantees of things, especially in the real world,” he added.
Among non-financial applications, V. Buterin reported he enjoys the idea of checking up university degrees which is being implemented in Singapore. This technology supposedly allows institutions to digitally issue education certificates on a blockchain.