Blockchain Is More Than A Financial Tool, Buterin Says

Co-founder of Ethereum Vitalik Buterin called on crypto enthusiasts and blockchain developers to push beyond the financial sector when it comes to the utilization of this technology in a twitter thread on Tuesday, June 2.

Buterin urged followers to consider the non-financial uses of blockchain and imagine it’s potential for creating decentralized governance and communities, a note which struck a particularly heavy cord as protests challenging the legitimacy of police following the killing of George Floyd by a Minneapolis officer rile the United States for the ninth day in a row.

In direct response to a tweet from Binance CEO Changpeng Zhao who wrote that “Bitcoin is the peaceful protest,” Buterin argued that reforming money is not enough and that the community needs to think of applications outside of finance for blockchain technologies.

Buterin acknowledged the overwhelming use of blockchain and cryptocurrencies is financial, noting that the origin of Bitcoin sprung from big banks mismanaging funds and that the technology can help people from feeling trapped by the dollar or financial censorship.

However, the Ethereum blockchain already runs many applications outside the world of finance including a music streaming platform called Ujo and a data analytics platform called Alethio.

“2016-20 is a period of ideological realignment,” Buterin wrote at the end of his thread. “Many old ideologies and coalitions are dying, and many new ones being born. The hills and valleys on the battlefields are shifting. The crypto space needs to be watching carefully and adjust to new realities.”

By Emily Mason

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