Vitalik Buterin, the co-founder of Ethereum (ETH), expressed his opinion at a crypto event Token 2049 which was being held at Hong Kong on 13th March, stating that the application of blockchain other than in the finance field experiences difficulty in gaining traction as the major feature which a blockchain provides is decentralization.
Buterin started his speech by stating that “finance is realistically the first blockchain [application] that will probably achieve wide scale adoption. The problem is that decentralization is basically their value add. With finance you’re competing with banks that take five days to do something interesting. With anything that’s not financial, chances are there is some internet thing that does what you want, that’s just centralized. So it’s a bit of a harder pitch.”
Citing examples of other areas where blockchain can be used outside finance, Vitalik secluded digital identity, reputation and digital certificates in particular. All these areas have use cases that substantiate that they are not necessarily limited to the use of cryptocurrencies or financial markets.
Further, in his speech on the prevailing scenario about the application of blockchain he requested the audience who were present at the event to identify real-world applications that are developing “not just in theory, but on the ground.” Few instances where we can see the use of applications are micro-insurance, non-fungible tokens and gaming.
Talking on the gaming filed, he further stated that, as many individuals are devoted to the innovation in blockchain that has the ability to handle the need of practical world issues which has the ability to create a positive social impact, the gaming being used for entertainment are valuable areas in which the latest technology can pull a large number of early users.
Buterin stressed upon decentralized applications (DApps) that enables several developers to integrate and share the applications which are dependent on decentralized blockchain protocol.
He stated that the use case of DApps would boost up the current technology and power landscape to just another level by utilizing the decentralized ecosystem thereby giving a chance to the smaller range of developers to compete with leading high profile monopoly companies.
Also, in a recent interview, Buterin further disclosed that he was trying to increase the scope of the Bitcoin’s (BTC) functionality along with the Ethereum’s formation. He compared the performance of bitcoin which has the ability to do one thing and do it well with the objective of Ethereum to make it like a canopy for apps that would have the capability to execute any function effectively.