Ripple CEO Brad Garlinghouse, on the site Quora, said that “blockchain tourists” are using the term as a buzzword, rather than evolving real world use applications.
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“Blockchain is like the new big data or AI (artificial intelligence) — too many people are using it as a buzzword and not focused solving a real problem,”
“We like to call them blockchain tourists! There are many applications that are nothing more than science experiments.”
Blockchain technology is a distributed ledger on decentralized networks which are not overseen by any central authority. They maintain groupings of data across a vast network of computers via encrypted “blocks”.
“Some of the uses being implemented for blockchain could actually work better with a database,” said.
“There are examples out there that blockchain is not most applicable for and that is why Ripple is focused on a real world use case, solving a real (and very large) customer problem, which has converted into commercial traction that is unmatched in the enterprise blockchain space.”
Recently, IBM has built a blockchain for Deutsche Bank as well as HSBC.
They have also developed a solution for the food ecosystem that sanctions manufacturers to track down food contamination in a matter of seconds.
Accounting firm Ernst & Young also revealed its own blockchain answer for the shipping insurance industry in September.