Vitalik stated that distributed ledger technology can help achieve essential goals such as “trust and resistance to censorship.”
Vitalik Buterin, founder of both Ethereum & Bitcoin Magazine took to Twitter to share the thoughts of him on non-financial uses for blockchain technology.
Buterin, in a paper entitled “Where to use blockchain in non-financial apps?” expressed an increasing interest in blockchain technology beyond the financial sector. Buterin noted that although other industries have not adopted the technology as quickly, he “sees the value of blockchains for many situations.”
He stated that distributed ledger technology could help with “really crucial goals like trust and resistance to censorship, but sometimes just for convenience,” and that blockchains could be very significant in the grand scheme. Blockchains can be used for “cheap data retrieval”
Another possible use case was open-source metrics, which was also discussed. This concept is still in its infancy but would allow for diversity and decentralization.
“An ideal voting system would somehow keep diversity in view, giving greater weight not only to projects supported by the most coins or humans but also by the most diverse perspectives.”
Vitalik ended his paper with the following statement: “I have a lot of uncertainty about exactly how much non-financial Blockchain usage in each category makes sense, but it seems obvious that blockchains should not be dismissed as an enabling instrument.”
Ethereum 2.0 is still in the works, along with the network switch to proof of-stake. was launched on Ethereum’s Ropsten testnet. This update was delayed many times. The representatives of the project have stated they plan to release an upgrade to the mainnet before August 2022.
