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Blockchain More Popular than Cryptocurrency, according to Google

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Cryptocurrency Google

According to Google Trends, people are currently more interested in blockchain than cryptocurrency.  Of course, that’s probably oversimplifying it.  These metrics can’t reveal the full complexity of people’s interest.  But on the other hand, they could reflect how prevalent blockchain tech is becoming.

Google Trends is an analytical tool that compares data from Google searches across the world

According to their charts, people were searching the term “cryptocurrency” twice as often as “blockchain” between November 2017 and February 2018. This trend balanced out for a while, until September and October 2018, when blockchain took the lead. Now “blockchain” is about twice as commonly searched.

There are, however, a few things to keep in mind about this data

First, Google Trends only compares the relative search volume of two specific terms. In other words, it doesn’t account for what people are specifically reading and researching, or any searches that use different words instead. Second, outside of the 2017 crypto boom, crypto and blockchain search terms have historically been about even.

Third, there’s actually another word that’s remains far more popular than either “cryptocurrency” or “blockchain”, and that is “Bitcoin”. Just during the last few months, Bitcoin was between nine and ten times more popular.

But many researchers do value Google’s search metrics

Some test its ability to predict future trends or reflect additional data.  One man, Seth Stephens Davidowitz, wrote a famous New York Times article that mapped racism in the U.S. by searches of racial slurs.

And as for crypto, some investors use Google Trends to predict market movements based on daily trade value searches.

And it’s not too far fetched that blockchain may be more popular

The technology is likely becoming more prevalent in the public eye. After all, major corporations and institutions are embracing the technology.

For one thing, regulations in China shifted the nation’s focus more exclusively to blockchain.  It’s not as though they weren’t one of the leaders in blockchain use and innovation before, but the government’s regulations have been decisive.  They’ve rejected crypto due to some of its current issues, but they’re very interested in blockchain and its applications.

And in the U.S., even mega-bank JP Morgan Chase are developing their own system, saying it will “replace existing technology”.  Additionally, Walmart, IBM, Bank of America, and many other big corporations populate the current list of blockchain users.

 

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