A statement from Paul Brody Global Innovation Leader for blockchain at Big Four audit firm EY during the Fintech Forum is devastating to DApp developers on Ethereum developers but at the same time is a wakeup call. During the forum, Paul Brody said 83% of the DApps aren’t in their most productive usage in the market. Furthermore, Paul Brody went ahead and said the cryptocurrency space as a whole isn’t doing well at the moment.
According to Paul Brody, stakeholders in the crypto space have majorly focused their attention on using blockchain technology to chase money in the digital area. However, according to him, the crypto disruptors who drive innovation vehicles in the crypto arena should go back to the drawing board.
The latter will help them understand the first principles, which in turn would help them understand how DLT technology should be deployed to bring out practical solutions rather than chase money. Moreover, according to Brody, going back to the principles of the technology will help get rid of issues to do with implementation, which is causing many problems in the sector.
To expound on his view of the cryptocurrency space, Brody used the example of the capital market authority whose primary goal is to take cash from investors and put the funds into productive use. In the like manner, DApps in the Ethereum blockchain ecosystem should be productive in their usage once deployed into the matter. However, the fact is 83% of them don’t fulfil the latter objective. In detail, 44% of DApps in Ethereum ecosystem is used for accounting, whereas 14% are in use at cryptocurrency exchange while 13% are in use in the gambling and gaming sector. Data above is per details from DApp.com a blockchain analytics firm.
Applications Developed Should be Productive
According to Brody, stakeholders should change their development tactics and dwell more on developing apps for sectors such as fractional infrastructure, new business models, fractional real estate and distributed computing. Applications from the latter industries will help bring forth a positive legacy for the crypto space as a whole. The Fintech Forum was created by the United States Securities and Exchange Commission (SEC) by SEC’s Strategic Hub for Innovation and Financial Technology (Finhub) and was launched in 2018 in a bid to increase the commission’s involvement in the fintech sector.