According to Ethereum creator Vitalik Buterin, the blockchain technology proved to be effective in international payment transactions and as a basis for digital currencies. Its application in other areas is often futile, the Ethereum creator believes.
He notes that a number of developers use the Ethereum network only for marketing hype. Many of them use blockchain technology to streamline interaction with each other in the network. However, most often the use of distributed ledger technology in some areas does not bring the desired effect and leads to a loss of time and money, Buterin warns.
The founder of Ethereum is skeptical about the need to use a blockchain network to track product supply chains. He highlights the inability to verify the credibility of information about a product on the network before sending it to the consumer. The creator of the second largest cryptocurrency emphasizes that blockchain technology does not give one hundred percent guarantee. He also expressed regret about the use of the term “smart contract” in the Ethereum network.
However, despite criticism, Vitalik Buterin is impressed by the blockchain system developed in Singapore aimed at authenticating university degrees.
