Ethereum’s Co-Founder Says Blockchain Can Affect Non-Financial Industries

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Famous crypto enthusiast and co-founder of Ethereum, Vitalik Buterin, has shared his view on how blockchain technology can influence the world outside the financial sector.

Buterin recently shared a paper on Twitter titled, “Where to use a blockchain in non-financial applications?” He noted a growing interest in using blockchain technology outside the financial industry. He added that while other sectors have been slow to adopt the technology, he can “see the value of blockchains in many situations.”

Related:“ I’m Not a Billionaire Anymore,” says Ethereum Co-Founder Vitalik Buterin

According to Buterin, blockchain can help in trust and censorship resistance. He also expects blockchains to be used for cheap and reliable data retrieval.

Buterin noted:

“I see the value of blockchains in many situations, sometimes for really important goals like trust and censorship resistance but sometimes purely for convenience…

“Blockchains as data stores for short text records may be marginal or may be significant, but I do expect at least some of that kind of usage to keep happening. Blockchains really are just incredibly convenient for cheap and reliable data retrieval, where data continues to be retrievable whether the application has two users or two million.”

More Use Cases For Blockchain

In addition, the Ethereum chief added that blockchain technology could be used for pen-source metrics, a developing concept that would allow diversity and decentralisation to be measured:

“An ideal voting mechanism would somehow keep diversity in mind, 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 distinct perspectives.” He added.

In the paper, the Ethereum co-founder also discussed Open-source metrics, an idea still in its very early stage. Regarding the new concept, he wrote:

“A really important one is measuring decentralisation and diversity. For example, many people seem to agree that an ideal voting mechanism would somehow keep diversity in mind, 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 distinct perspectives.

Buterin rounded off his paper by saying:

“I have a large degree of uncertainty in exactly what level of non-financial blockchain usage in each of these categories makes sense, but it seems clear that blockchains as an enabling tool should not be dismissed.”

Read More: Buterin claims that an ETH merger (PoW to PoS) is likely to occur in August if no potential risks exist