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Vitalik Buterin: Blockchain is needed for cryptocurrency, everything else is a waste of time



Blockchain technology is best for international payments and as the basis for cryptocurrencies. The prospects for using technology in other areas raise doubts. This is what Ethereum founder Vitalik Buterin said in an interview with Quartz.

"All the other ideas need a lot more time to understand if it makes sense to work on a large scale," added Vitalik Buterin.

He does not rule out that some developers use the Ethereum network only for Hyip's marketing. Some, according to Buterin, use Blockchain to rationalize interaction with each other. But sometimes the use of distributed registration technologies in some areas is nothing but "wasted time," believes Ethereum's founder.

Buterin commented on the blockchain projects of the technology giant IBM:

"I did not understand that. What did I notice? They say, "Hey, we all have IP addresses, and this is our platform, and you have to use them." And no matter how … the point is not there at all … "

He also questioned the need for a blockchain to track product supply chains, while Buterin noted that it was impossible to do so before shipping on In addition, quality standards may differ for manufacturers and consumers, added Buterin.

"Blockchain offers no absolute guarantee, and especially in the real world." However, the principal said he likes the Blockchain verification system developed in Singapore.

Vitaly Buterin expressed regret over the use of the term "intelligent contract" in the Ethereum Network.

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