Paul Brody, Principal & Global Innovation Leader, BlockChain Technology, to Ernst & Young’s claimed that on the Ethereum network eighty-three percent decentralized applications(DApps) are not being used productively.
During a Fintech Forum hosted by the United States’ Securities and Exchange Commission’s (SEC) at Big Four audit firm EY, Brody discussed about the advances in the blockchain and digital asset sectors and the issues blockchain technology faces.
SEC’s Finhub( Strategic Hub for Innovation and Financial Technology ) organized the event. Its main objective was to facilitate interaction in Fintech, distributed ledger technology (DLT) and digital assets.
Moreover, he stated that global digital disruptors ought to understand how blockchain technology should be used to bring out solutions. He said that although capital market’s purpose is to use investors’ money for productive use but crypto industry is lacking in this regard and further claimed that on the Ethereum blockchain, a huge percentage of DApps are not in productive use.
According to the data cited by Brody: only fourteen percent (14%) of Ethereum based DApps are used at crypto exchanges, forty-forty percent (44%) used for gambling and thirteen percent (13%) for gaming. Lastly, Brody emphasized on productive use of the blockchain technology that will contribute to a legacy that is last and positive.