Ethereum’s Vitalik Buterin is one of the major contributors to the blockchain and cryptocurrency community. During the Token 2049 event which was hosted in Hong Kong on the 13th of March, the Ethereum developer said that the non-financial use cases of blockchain technology are having difficulty gaining traction because they are a ‘harder pitch’.
Token 2049: Non-Financial Applications Of Blockchain Technology Are A Harder Pitch
Before talking about how difficult it is to pitch investors on the non-financial applications of blockchain technology, Ethereum’s Vitalik Buterin noted that the first and most common application of blockchain technology is found in the financial sector. He said that this single fact hasn’t stopped his interest in other use cases of the emerging technology. In his words:
“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.”
Vitalik cited digital and reputation certificates, digital identity management and many other use cases of blockchain technology that have been introduced in recent time. These use cases do not require cryptocurrencies or any other aspect of the financial market. The developer said that urged the audience to start paying attention to non-theoretical real-world applications of blockchain technology. Some examples he cited are blockchains application in the gaming industry, in the production of non-fungible tokens as well as its application in microinsurance.
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The co-founder of Ethereum said that many people in the space are dedicated to promoting real-world use cases of blockchain technology with the aim of impacting society in valuable ways. However, he noted that blockchain’s application in the gaming industry can reach mass adoption in no time. This is because it is valuable to this industry as early developments have proven.
Buterin also talked about his personal commitment to the development of decentralized applications on a blockchain protocol. He said that dApp use case of blockchain technology has the potential to disrupt the current centralized ecosystem and allow smaller players in the app development sector to compete with monopolistic tech giants.
Shortly before the Token 2049 event, Buterin talked about how he is trying to boost the functionality of the Bitcoin blockchain. He said that Bitcoin has limited functionality compared to Ethereum. However, he did say that Bitcoin is rather effective in the financial sector just like Ethereum is the leading host for decentralized applications.
What do you think about Ethereum’s Vitalik Buterin’s comment during the Token 2049 event in Hong Kong? Comment below.