fbpx
Technology

Vitalik Buterin On Enterprise Blockchains: “Totally Not the Point”

Ethereum co-founder Vitalik Buterin is not a fan of enterprise blockchains.

Talking to Quartz at Devcon recently, the 24-year old cryptocurrency pioneer offered his two satoshis on several topics, expressing his particular disdain for the more centralized variants of the tech he helped promote.

Asked what he thinks has been particularly “wasteful” in the blockchain spehere, Buterin responded:

A lot of the big corporate blockchain stuff. I read this CoinDesk article about some IBM blockchain thing. I don’t understand this deeply, but the detail that jumped out at me is they’re saying “Hey, we own all the IP and this is basically our platform and you’re getting on it.” And like, that’s… totally not the point…

Buterin does believe that there is potential for blockchain beyond cryptocurrencies, but that it needs more time:

Cryptocurrencies and making international payments easier. All of the other ideas—whether we’re talking about products or the self-sovereign identity stuff—that’s clearly something that still needs much more time to be worked out before we can see [whether it] makes sense at scale.

Adding: “I feel like actual utilities in the space are going to start getting closer to things that are more purely digital.”

Talking specifically about IBM’s blockchain platform for the food supply chain – IBM Food Trust – Buterin was somewhat sceptical – remarking that “there’s definitely something there, but whether or not any of the actors there are doing it remotely correctly, I’m much less sure.”

Blockchain Vs. Crypto

As recently reported, blockchain as a distinct sector seems to be gaining some traction. Data from Google Trends show that in July of this year there were more searches for “blockchain” than for “cryptocurrency.”

While this finding is perhaps less surprising than it may appear – as most users likely search for specific crypto-assets such as “bitcoin” or “ether”, rather than the umbrella term – it does seem to capture a general warming to blockchain and DLT technology in the business sector.

A notable example of this trend came in October when Jim Yong Kim, president of the World Bank, said that he believes blockchain to have “huge potential” and sees the tech as essential to his organization’s goals.

This story originally appeared in CryptoGlobe. Image courtesy of Flickr/TechCrunch.

Join The Discussion

Five Takeaways From President Macron
‘Gilets Jaunes’: Five Takeaways From President Macron [Video]
Six Dead And Dozens Hurt In Nightclub Stampede In Italy
Six Dead And Dozens Hurt In Nightclub Stampede In Italy [Video]
Paris On Lockdown Ahead Of Planned Protests
Paris On Lockdown Ahead Of Planned Protests [Video]
Luxembourg To Become First Country To Make Public Transport Free
Luxembourg To Become First Country To Make Public Transport Free
Worldwide Adoption Keeps Growing, 1,500 Restaurants In Denmark Accept Bitcoin
Worldwide Adoption Keeps Growing, 1,500 Restaurants In Denmark Accept Bitcoin
Half The Crypto Market Eliminated In Less Than A Mont
Half The Crypto Market Eliminated In Less Than A Mont
Singapore Residents Targeted In Crypto Scams, $78,000 Lost
Singapore Residents Targeted In Crypto Scams, $78,000 Lost
Brazilian Mining Company Under Investigation, Says It Can’t Pay Investors
Brazilian Mining Company Under Investigation, Says It Can’t Pay Investors
Visual Trends To Be Aware Of In 2019
Visual Trends To Be Aware Of In 2019 [Infographic]
How To Get Sponsored Posts For Your Blog
How To Get Sponsored Posts For Your Blog
The Advantages YouTube Ads Have Over Facebook Ads
The Advantages YouTube Ads Have Over Facebook Ads [Video]
7 Tools Will Help You Kick Butt In 2019
7 Tools Will Help You Kick Butt In 2019 [Video]
Instagram's Testing Side-Scrolling Feed View, Similar To Stories
Instagram’s Testing Side-Scrolling Feed View, Similar To Stories
The 10 Best Instagram Tools For 2019
The 10 Best Instagram Tools For 2019
Pinterest's Recommendation Algorithms Are Improving
Pinterest’s Recommendation Algorithms Are Improving
YouTube Launches YouTube Stories, Prominent Creators Only
YouTube Launches YouTube Stories, Prominent Creators Only [Video]
Wish You Were Smarter
Wish You Were Smarter? These 4 Brain Hacks Can Help You Get There
Weightlifting Less Than An Hour Per Week Could Increase Your Longevity
Weightlifting Less Than An Hour Per Week Could Increase Your Longevity
Your Environment May Affect Your Eyes More Than You Realize
Your Environment May Affect Your Eyes More Than You Realize
Why Hotels Want You To Stop Instagramming Your Vacation
Why Hotels Want You To Stop Instagramming Your Vacation
Five Takeaways From President Macron
‘Gilets Jaunes’: Five Takeaways From President Macron [Video]
Six Dead And Dozens Hurt In Nightclub Stampede In Italy
Six Dead And Dozens Hurt In Nightclub Stampede In Italy [Video]
Paris On Lockdown Ahead Of Planned Protests
Paris On Lockdown Ahead Of Planned Protests [Video]
The Advantages YouTube Ads Have Over Facebook Ads
The Advantages YouTube Ads Have Over Facebook Ads [Video]