Blockchain To Face Difficulties In Non-Financial Sphere
Vitalik Buterin, the co-founder of Ethereum, stated during his speech at the Token 2049 conference in Hong Kong that blockchain-based apps face greater difficulties outside the financial sphere since decentralization is offered as their main advantage.
The topic of Buterin's speech mainly concerned the progress the Ethereum community had made. He also spoke about the future development of the network and its application in various sectors.
Regarding blockchain, the programmer stated that finance is the main area where this technology will spread. In his opinion, the problem of a distributed ledger in other fields is that it offers decentralization as the main practical benefit.
In finance, there is competition with banking institutions, which sometimes take several days to offer something interesting. In other areas there is a possibility that you can find the same thing on the Internet, only centralized, Buterin explained.
Among other areas where blockchain can still succeed, the co-founder of Ethereum singled out digital identification and issuance of digital certificates. During the speech, he asked the audience to name the most successful examples of blockchain use, which have already earned recognition, in practice. The conference participants mentioned microinsurance, the gaming industry, and unchangeable tokens. Out of these proposals, the programmer called the gaming industry the most promising sphere for the development of the technology.
As previously reported, Buterin allocated 1000 ethers (about $100,000) for the development of three blockchain startups.