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Vitalik Buterin States That World Crisis Highlights Need For Blockchains

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Vitalik Buterin spoke at the Ethereal Summit 2020, stating that he is convinced Ethereum could serve a pivotal role in connecting nations across the globe. Particularly, Buterin is confident that it can serve as the glue to bind nations together in a future global crisis.

Buterin: Crypto Can Serve A Great Global Role

Buterin spoke to The Defiant’s Cami Russo on the 7th of May while the Ethereum co-founder was at the Ethereal Summit of 2020. Buterin described the current COVID-19 pandemic as something far more than a financial one. As a reference, he stated that the levels of distrust and political discord between the world’s countries had shown the need for a network much like Ethereum’s

He stated that he is convinced that blockchain networks, particularly Ethereum, could be capable of playing the role of a neutral global player for all of these systems, applications, and currencies to interact in. He is convinced that anything that is created or otherwise maintained by nation-states isn’t capable of playing that role.

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When Russo pressed about whether or not Buterin is convinced that Ethereum could serve such a role, connecting these nations and to buy Ethereum (ETH) as a currency, Buterin agreed. He further pointed out that people are being driven to blockchain networks and cryptocurrencies due to concerns regarding privacy, censorship, as well as institutions.

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Buterin described the current COVID-19 crisis’ financial effect as being only “one third” of the crisis as a whole. He discussed the current situation when one compares it to the Global Financial Crisis that happened in 2008, and as to whether this could help spur a new wave of crypto. Buterin explained that cryptocurrencies like ETH have a higher potential to grow in these times, due to addressing “non-financial” problems in the world as well.

Evolution Of Blockchains

Buterin explained that the crypto space as a whole had focused primarily on the financial aspect for the first decade or so, citing censorship resistance of money as a prime example. However, he stated that 2020 sees a lesser focus on the financial aspect, though he notes that there’s a definite repetition of the same themes.

While Buterin swears high and low that his network will be the potential future of crypto during these times, it should be prudent to remember just how malleable blockchain technology is. In China, for example, they are using blockchain technology to settle court cases, a new revolution in modern technology. While it is true that the world will accept blockchain to help in these trying times, it should be prudent to remember how specialized blockchains are developed for specialized tasks.

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