Vitalik Buterin: Finance will be the first area where blockchains may be widely adopted

According to Cointelegraph, March 14th, Ethereum (ETH) co-founder Vitalik Buterin said that blockchain applications outside of finance are difficult to attract because the main added value they provide is decentralization. On March 13, Buterin made his point at the Token 2049 conference on cryptocurrency held in Hong Kong.

Buterin first pointed out that finance "is actually the first area that is likely to be widely adopted in the blockchain", and he claims to be a super fan of other applications:

The problem is that their added value is basically decentralized. In the financial sector, banks spend five days each time dealing with business, and what you do is to compete with them. For any area that is not financial, it is likely There are some Internet-related applications, but they are centralized. So the application is more difficult.

Blockchains can be used in a wide range of applications outside of finance, and Vitalik specifically mentions digital identities, reputations and digital certificates. There are some use cases in all of these areas that are not necessarily limited to the use of cryptocurrencies or financial markets.
Buterin further discussed the current status of the blockchain adoption and called on participants to identify the practical applications that are currently being developed, not only in theory but also in reality. Examples of these audiences include micro-insurance, non-replacement tokens and games.

Regarding the latter, Buterin said that while many people believe that blockchain can solve real-world problems with positive social impact, entertainment use cases such as games are valuable areas, and technology can attract a large number of early adopters.

When talking about his personal beliefs, Buterin emphasized the potential of Decentralized Applications (DAPP), which allows multiple participants to share and collaborate on applications based on underlying decentralized blockchain protocols. He argues that DApp's use cases can take advantage of a decentralized ecosystem that allows smaller participants to compete with technology giant monopolies, potentially re-creating existing technology and power landscapes.

In a recent interview, Buterin stated that he had been trying to solve the problem of limited bitcoin functionality by creating Ethereum. He compared Bit to Ethereum and thought that Bitcoin had the ability to do a good job, and he hoped that Ethereum would become a platform for many Dapps to have the ability to do anything.