Ethereum ETH/USD co-creator Vitalik Buterin says he’s strongly in favor of the trend of using blockchains for non-financial purposes and elaborated his vision in a paper recently.
What Happened: Buterin shared the paper in a recent Tweet. The cryptocurrency entrepreneur said his own view is somewhere in between a “blockchain everywhere” maximalist and “blockchain minimalist.”
Where to use a blockchain in non-financial applications?https://t.co/T6jlAzCvew
— vitalik.eth (@VitalikButerin) June 12, 2022
“I see the value of blockchains in many situations, sometimes for really important goals like trust and censorship resistance but sometimes purely for convenience,” wrote Buterin.
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Other Use Cases: Buterin enumerated a number of use cases for blockchains, which he said could be used for “account management in a decentralized way.”
Account management and “interoperability with other blockchain applications” were the two use cases Buterin said he’s “most confident” about.
Early-stage use cases like negative reputation and revocations are also important, according to Buterin.
“I expect that the case for revocation and negative reputation will become more clear over time.” Buterin explained these concepts in the paper through an example involving a college that issues digital certifications.
Blockchain as data stores for short text records may be marginal or significant use cases for deploying distributed ledger systems, according to Buterin. He expects to see some of that type of usage keep happening.
Buterin said he has a large degree of uncertainty in exactly what level of non-financial blockchain usage in various categroes makes sense.
“It seems clear that blockchains as an enabling tool in these areas should not be dismissed.”