Buterin believes that blockchain could help with goals like achieving trust and resistance to censorship and recovering information and passwords. He proposed the Negative Reputation to assign a negative note to some wallets to discourage bad behavior in their users.
Russian Canadian programmer Vitalik Buterin minted the Ethereum cryptocurrency when he was 21. The co-founder of the network recently shared his position on the use of blockchain for non-financial applications.
The executive thus proves his interest in using that technology beyond the field of cryptocurrency trading. He also noted that he could see the value of decentralized technologies in various worldwide situations while other industries have adopted them slowly.
Buterin believes blockchain technology could help with relevant goals such as achieving trust and resistance to censorship. The programmer proposed to use it as a data store that would allow recovering information and passwords.
The co-founder of Ethereum also commented on the potential use of blockchain for open-source metrics. That concept is still under development but would allow measuring the diversity and decentralization of the blockchain network.
The young entrepreneur stated that this voting mechanism would account for diversity, attaching a considerable weight to projects backed by different perspectives.
Negative Reputation and Modification of NFT Certifications in the Blockchain
Since Vitalik Buterin considers it necessary to neutralize honesty and bad behavior, he has proposed the modification of certifications. He mentioned the case of a university awarding NFT diplomas that finds out that a student has cheated on his exams. However, he has continued to use his certificate even though the educational institution revoked it.
To prevent that situation, Buterin suggests granting certifications or diplomas outside the blockchain but revoking them within it. Employers and interested parties could verify those credentials on the blockchain anytime.
Buterin said that the blockchain platform OpenCerts uses that technology to check the certifications of various institutes and universities.
He also proposed the so-called Negative Reputation, which would allow assigning a poor grade to some private wallets.
In theory, that proposal would help discourage unacceptable behavior in blockchain users. Buterin acknowledges the possibility that a negative reputation is the modern scarlet letter. However, he argues that giving little importance to bad behavior is not the right thing to do.
Buterin noted that he was very uncertain about the non-financial use of blockchain in those categories. However, he highlighted that no one should rule out this technology as an enabling tool in those areas.
The co-founder of Ethereum says it is possible to measure diversity and decentralization on the blockchain network. He thinks this would be relevant to determine the relevance of projects backed by a certain number of coins or even humans.
Ether (ETH) is trading at around USD 1,085 and has accumulated a 0.6% gain over the last 24 hours. While its daily trading volume is above USD 14.54 billion, its market capitalization is about USD 131.56 billion, according to CoinGecko.
By Alexander Salazar
