The Evolution of Blockchain Technology: Insights from the Github Platform (Evolution) study conducted in collaboration between Steve Fromhart, Jesus Leal Trujillo and Val Srinivas of Deloitte Touche Tohmatsu Limited (Deloitte) revealed that blockchain-related projects have been taking place at an yearly average of 9000 since the Spring of 2009. Several technological innovations hence, the growth of blockchain plethora have increased to record figures with more than 26000 projects which have started in 2016 itself using open-source platform Github.
“In analyzing blockchain repositories and their content, we noticed that increasingly more organizations appear to be getting involved. In 2010, organizations developed less than 1 percent of all projects. By 2017, their projects accounted for 11 percent,” Evolution explains.
Deloitte analysts write that the Evolution study is “an effort to better understand the development of blockchain and its ecosystem,” and “we have conducted an extensive data analysis of blockchain projects in an open-source environment. Our study appears to be the first empirical attempt to understand the evolution of blockchain using metadata available on Github, a global software collaboration platform,” as per their claim. Findings of the study include how financial “services firms seem to be leading the way in blockchain applicability; they currently have the most commercial use cases of blockchain in the marketplace.”
Bitcoin and Ethereum, both of the dominant Blockchain projects have received solid backing of various foundations.
Bitcoin is the first use case application of Blockchain Technology. It the first decentralized peer-to-peer cryptocurrency.
Ethereum on the other hand adds another layer of “Smart Contarct” to Bitcoin Blockchain. Researchers highlight that, “in short, organization-led projects are the backbone code for thousands of other projects. Out of the 20 most central projects in the blockchain space measured by popularity, citation, and collaboration, 18 were created and maintained by organizations.”
Open-source projects move beautifully in sync with the whims of developers and contributors. Such inspirations which crop out of various sources is quite easy to maintain. Evolution documents that, “our analysis found that only 8 percent of projects are active, which we define as being updated at least once in the last six months.” Organization maintained projects have a nearly double rate. The UK firm also details that, “note that about 90 percent of projects developed on Github become idle, and the average lifespan of a project is about one year, with the highest mortality rate occurring within the first six months.”
The study comes to an end by citing three factors namely:
- Single users are most likely to act as tinkerers who are not much serious about the project.
- Rather than having a single leader or committer, organizations having decentralised workload have better performance records.
- Forked projects survive for longer although their copies might not be equally fortunate.
Evolution has also revealed that London, San Fransisco and New York can be upcoming blockchain hubs with San Francisco having “diverse solutions for exchanges, wallets for cryptocurrencies, interfaces for different blockchains (for example, Ripple, Hyperledger, and Ethereum), and payment tools for cryptocurrencies.” London is much more focused on Ethereum whereas New York appears “to be specializing in projects that are geared toward traditional financial services,” as per expectations.
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