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Everyone's Talking About Blockchains But Nobody's Using Them

We live in an era in which everything is on the blockchain and there’s a blockchain for everything. From bananas to sex, there’s a token for that and a blockchain to match. There are now over 600 blockchains in existence, with dozens more dreamed up every month via ICOs. Given the current craze for all things blockchain, you might assume that millions of transactions were zipping across distributed ledgers each day. But the reality is very different. Blockchains might be hot, but outside of the big four, nobody’s using them.

Also read: Your Taxes Paid for a Lot of Blockchain Surveillance Last Year

Ghost Towns on the Blockchain

Blockchain as a technology is still in its infancy. The next generation of chains, side-chains and off-chain layers are either under construction or fresh out the gate. It will take time to see whether their claims of high throughput and scalability stand scrutiny. An examination of the blockchains that have been in operation for several years makes for dismal reading. Outside of the top six, blockchains are seeing very little action.

Everyone's Talking About Blockchains But Nobody's Using Them

Ethereum was the clear leader in number of transactions per second at the time of writing, reporting over 980,000 transactions in the past 24 hours, versus bitcoin’s 240,000. One way to report that statistic would be “Ethereum nears 1 million transactions a day”. Another would be “Blockchains haven’t even reached 1 million transactions a day”. Moreover, a closer examination of ethereum’s numbers shows that the number of ‘real’ transactions may be significantly lower.

Blockchains Upon Blockchains

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