This thesis seeks to shed further light on how blockchain technology has fostered increases in efficiency at an overall level looking specifically at the Ethereum network, and a continued analysis of its evolving state. A network at the forefront of blockchain technology and smart contract utilization. Firstly, we introduce blockchain technology itself and the various facets of the technology, including consensus protocols, smart contracts and smart contract applications. Subsequently, we further analyse and showcase how blockchain technology has developed in efficiency over its maturation recently. Through the employment of various econometric models and strong discussion promotes insights to the key metrics of the Ethereum network. Finally, we explore whether we are able to note these changes over time and look to the future of blockchain technology. Not only to shed light on how this evolving state will continue to cultivate but also detail the other necessary advances needed to continue this growth.