Vitalik Buterin, co-founder of Ethereum and Bitcoin Magazine, has shared on Twitter his opinion on the non-financial uses of Blockchain technology.
In an article titled “Where to use a blockchain in non-financial applications?”, Buterin expressed a growing interest in using this technology outside of the financial industry. He noted that while other industries have been slow to adopt it, he can “see the value of a blockchain in many situations.”
Where to use a blockchain in non-financial applications?https://t.co/T6jlAzCvew
Big thanks to @pujaohlhaver @shreyjaineth for review! You should also check what they have to say; they have some uniquely important perspectives that are beyond the scope of this post.
— vitalik.eth (@VitalikButerin) June 12, 2022
Where to use a blockchain in non-financial applications?
Many thanks to Puja Ohlhaver and Shrey Jain for the review! You should also review what they have to say; they have some unique important perspectives that are beyond the scope of this post.
Said distributed ledger technology can help with “really important goals like trust and censorship resistance, but sometimes purely for convenience.” In the document, he stated that “Blockchains as data stores” could be quite important in the grand scheme of things and he hopes they will be used for “cheap and reliable data retrieval.”
Another potential use case that was discussed was open source metrics, a still incipient concept that would allow diversity and decentralization to be measured.
“An ideal voting mechanism would somewhat account for diversity, 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 different perspectives.”
Vitalik concluded his document by saying, “I have a great deal of uncertainty as to what level of non-financial blockchain use in each of these categories makes sense, but it seems clear that blockchain as an enabling tool should not be discounted.”
Ethereum 2.0 is still on the horizon, and with it the proposal to change the network to proof-of-stake. The update has been delayed several times, and was recently has successfully launched on the Ethereum Ropsten testnet. The representatives of the project saying recently waiting lLaunch upgrade to mainnet in August 2022.
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