Global interest in blockchain technology has plummeted by 63% over the past three years.

Research group Stocklytics believes the decline marks a notable shift in technological enthusiasm and signaling a waning excitement surrounding blockchain’s potential applications.

“While blockchain initially captured widespread attention due to its potential to revolutionise sectors such as finance, supply chain management, and healthcare the actual implementation and scalability of blockchain solutions have proven to be more challenging than anticipated,” says Edith Reads, financial analyst at Stocklytics.

“Moreover, the hype surrounding blockchain often overshadowed its practical limitations,” Reads continues. “Many early adopters needed help integrating blockchain into existing infrastructures, grappling with speed, scalability, and regulatory compliance issues.

“As a result, some projects failed to deliver their promised benefits, leading to disillusionment among investors and businesses,” she adds.