Deloitte: Blockchain Is Taking Over the World - Slowly - Bitsonline

Deloitte: Blockchain Is Taking Over the World — Slowly

The blockchain has taken over the world, but it hasn’t done anything significant yet. That’s according to a new study from Deloitte, which provides new insights into the state of blockchain development, such as where the largest blockchain communities reside and the rate of new blockchain development based on a deep dive of software collaboration tool GitHub.

Also read: Singapore Releases Prototype for a Blockchain-Based National Financial System

Deloitte Studies Blockchain’s Development Trends

Using information from software tool GitHub in its new report, Deloitte identified that the number of blockchain based projects continue to experience an explosion of growth and developer attention.

With over 86,000 projects by companies, research institutions and startups focusing on the blockchain over 27,000 new projects have been created during 2017.

Not only has blockchain fever brought in solo developers, the number of projects accounted for by organizations has seen year-over-year growth and currently accounts for over seven percent of GitHub blockchain projects overall.

That is not to say there aren’t challenges, though: currently, only 8 percent of projects are actively maintained, with the vast majority of them not seeing an update in the last six months.

Deloitte

This trend reveals that, although blockchain technology has increased in popularity and development focus, most of the projects don’t reach a point where they can provide value to the community.

Additionally, Deloitte identified some trends that can predict if a project will survive. For example, projects with only one user making a code commitment and limited copies from the community tend to have the highest mortality rate. The truth is that over 90 percent of projects developed on GitHub become idle,  with the average lifespan being close to a year.

Typically, if a project can survive the first 6 months of developments it has a better chance of surviving long term.

Where are the Blockchain Hubs?

Based on the study, most GitHub blockchain project owners tend to reside in popular financial service or technology providing cities, such as San Francisco, London, and New York City. San Francisco blockchain projects represent a wide variety of solutions, such as wallets, exchanges and payment tools, while London’s developments have an Ethereum-related focus.

Top Programming Languages for the Blockchain

Another trend identified by the Deloitte team was the popularity of programming languages for blockchain development. When it comes to the financial services industry, C++ is the language of choice. In a close second is Go, the programming language developed by Google in 2009, which has exploded onto the scene as two years ago it only represented less than 2 percent of all active blockchain projects.

Overall, Deloitte’s study provides great new insight into the types of blockchain projects currently in development, as well as the amount of work still left to do. Continuing to monitor GitHub will provide more detail on trends occurring in the blockchain community and which projects are leading the charge to a decentralized world.

Do you think the number of Blockchain projects by corporations will continue to increase on GitHub or will corporations work privately on their blockchain developments? Let’s hear your thoughts. 


Images via Pixabay, Deloitte

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