Vitalik Buterin: Capitalizing the hype around Blockchain leads to doom

While the blockchain technology is at its infancy, it seems the developing digital economy will continue to garner adoption and find its place in everyday usage. With emerging regulations and institutional solutions on their way, it’s evident the cryptocurrency and blockchain sectors are maturing towards legitimacy.

Ethereum founder Vitalik Buterin is undoubtedly an industry leader and blockchain pioneer distressed on big corporate blockchain matter, as reflected in an interview published by Quartz on Nov. 26. 

Speaking at the Devcon4 blockchain conference, the vocal crypto advocate said that although there are a number of companies that try to establish higher standards by using blockchain technology, he does not think the model is viable in every industry:

“Sometimes it is for marketing hype. Sometimes it is just people who are genuinely excited about blockchains and want the thing they are personally excited about and their job to align more with each other, which is a totally legitimate, human thing to want to do.”

And also, the 24-year founder stated that misapplication of blockchain by companies looking to capitalize on the recent hype ultimately leads to “wasted time,” for the wrongdoers. Especially, he isn’t thrilled with IBM’s moves in blockchain landscape.

Buterin continued,

“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.”

Apart from the crypto ecosphere, Vitalik has appreciated Singapore’s approach in the non-financial application which is trying to authenticate university degrees and technology purportedly allows institutions to digitally issue education certificates on a blockchain. He believes this implementation is the indication of the scaling and growing possibilities for the technology, even if some companies attempt to capitalize on the present hype.

Today, a lot of organizations are using Ethereum for marketing hype in places where blockchain doesn’t make a lot of sense. When there is a hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true. Reality is always somewhere in the middle.

Link to the original news article can be found here.

Do you think blockchain technology is living up to the hype? Let us know in the comments section below.

 


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