Vitalik Buterin, Co-Fonder of Ethereum, says the term”world computer” is a great way of describing Ethereum, because it’s purpose is to aid collaboration through a shared computing environment.
Although, giant corporation that are finally utilizing blockchain technology to develop computing environments are coming up short, according to Buterin. He describes the work of these big corporate blockchain projects as wasteful.
During an interview with Quartz, he comments on IBMs blockchain,
“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…”
As tech corporations develop private blockchains or start offering services to develop enterprise solutions utilizing private blockchains, such as Amazon, the distinction between ” blockchains that power cryptocurrencies” versus “blockchains that power private, centralized databases run by large corporations” is becoming a reality.
Buterin personally believes that the best use cases for blockchain technology is for payment rails. When asked about what industries thinks blockchain are most viable for, he answered,
“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.
Going beyond money, I think the value is that you create a token and you immediately have access to wallets, multi-signature wallets, decentralized exchanges, and just using it as collateral – all of this infrastructure that you wouldn’t have access to if you just created a currency and tried launching it off your own server.
I feel like actual utilities in the space are going to start getting closer to things that are more purely digital.”
The full interview can be read in the provided link.
Blockchain technology is being utilized by all sorts of people in this day in age. From small time crypto related business to big corporations, everyone is jumping onto the blockchain train. The questions is, will this affect the essence that makes up blockchain? or will it continue to function as originally intended?
Let us know your thoughts.