Vitalik Buterin on Enterprise Blockchains: “Totally Not the Point”

Avi Rosten

Ethereum co-founder Vitalik Buterin is not a fan of enterprise blockchains.

Talking to Quartz at Devcon recently, the 24-year old cryptocurrency pioneer offered his two satoshis on several topics, expressing his particular disdain for the more centralized variants of the tech he helped promote.

Asked what he thinks has been particularly “wasteful” in the blockchain spehere, Buterin responded:

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…

Buterin does believe that there is potential for blockchain beyond cryptocurrencies, but that it needs more time:

Cryptocurrencies and making international payments easier. All of the other ideas—whether we’re talking about products or the self-sovereign identity stuff—that’s clearly something that still needs much more time to be worked out before we can see [whether it] makes sense at scale.


Adding: "I feel like actual utilities in the space are going to start getting closer to things that are more purely digital."

Talking specifically about IBM’s blockchain platform for the food supply chain - IBM Food Trust - Buterin was somewhat sceptical - remarking that “there’s definitely something there, but whether or not any of the actors there are doing it remotely correctly, I’m much less sure.”

Blockchain Vs. Crypto

As CryptoGlobe recently reported, blockchain as a distinct sector seems to be gaining some traction. Data from Google Trends show that in July of this year there were more searches for “blockchain” than for “cryptocurrency.”

While this finding is perhaps less surprising than it may appear - as most users likely search for specific crypto-assets such as “bitcoin” or “ether”, rather than the umbrella term - it does seem to capture a general warming to blockchain and DLT technology in the business sector.

A notable example of this trend came in October when Jim Yong Kim, president of the World Bank, said that he believes blockchain to have “huge potential” and sees the tech as essential to his organization’s goals.


Featured Image Credit: Photo by Techcrunch via Flickr; licensed under "CC BY 2.0"

Second Edition of Paris Blockchain Summit Announced for October 18

2019, August 23rd Paris, France – Save the date! All crypto sphere arrived in Paris! Second edition of Paris Blockchain Summit is coming on October 18th! PBS is the leading French event with an international dimension for the Blockchain industry key players.

Paris Blockchain Summit aims to fostering the Blockchain industry in France who makes Blockchain as key technology for strategic development of the country. France will play significant role for development of Blockchain in Europe as an important Hub thanks to dedicated regulatory framework and specific investment fund.

Second edition is expected to follow the unprecedented success of the previous one, which brought Tone Vays, Huawei CTO Jorge Sebastiao, Rémy André Ozcan, french crypto MP Jean-Michel MIS and MEP Ivan Catalin, the Highness Emirati Prince Sheikh Khaled bin Sultan Bin Zayed Al Nahyan and other representatives from IBM, Dash, Consensys, Lamborghini and central banks.

Paris Blockchain Summit will gather international key players of the industry from 15 countries in one of the most swanky place of Paris, private island "Chalet de la Porte Jaune" : well-known influencers, investors, government representatives, professional investors, blockchain developers, law firms and many others for giving inspiring speeches and for sharing expertise. PBS will welcome thousands of enthusiasts in Paris during one day conferences (two stages), hands-on workshop, exhibition and exclusive announcement.

We expect passionate debate related to hot topics for the future of our industry such as:

  • Regulation: What is the French regulation state for Token Offering (ICO, STO, IEO, BRO ...) ?
  • Marketing: How community marketing is a powerful tool to build and promote your product ?
  • Finance: Is cryptocurrency a new financial vehicle for companies to compete?
  • Supply chain: What are the pros & cons for supply chain using distributed ledger system?
  • Governance: How governance of distributed system is one of the key element of trust?

Attendants will get an opportunity to interact and share ideas that will help them use and generate value from Blockchain technology. They will also discover some of the most promising companies preparing for high-profile token sales and also learn about exciting developments for the future of blockchain technology.

Join the largest event of its kind ever organized in France and pleasantly end up your business day by visiting one of the most beautiful cities in the world! Use the code PBSCOMPARE to get 15% off on your tickets.

For information about PBS’s upcoming conference please contact the team via email or follow PBS on Twitter, Facebook, LinkedIn or Instagram.