The majority of blockchain projects have a short life span, averaging a little over one year, according to a report by Chinese researchers. Less than a tenth of the examined projects in the study are still active, a local official revealed at a big data expo in the city of Guizhou. Beijing, however, has recently taken steps to speed up efforts in blockchain-oriented research and development.
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8 Percent of 80,000
Only 8 percent of over 80,000 blockchain projects launched globally are still actively maintained, according to He Baohong, Director of the Cloud Computing and Big Data Research Institute at the China Academy of Information and Communications Technology (CAICT). He spoke at the International Big Data Industry Expo 2018 held in the southwestern city of Guizhou.
In comments on the release of a new report about the top global blockchain industry trends, the Chinese official also said that the average life span of these projects is only about 1.22 years. The study produced by the CAICT has recognized six major trends, including the increasing integration of the flow of data and assets and the accelerated pace of the growth of digital assets.
“[These projects] came out very quickly, but die quickly as well,” He Baohong said, without sharing further details in regards to the timeframe and the exact scope of the survey. “In this circumstance, governments are accelerating their efforts to establish unified standards in order to help blockchain projects achieve real-life applications,” he elaborated, quoted by the China Money Network.
The Ministry of Industry and Information Technology (MIIT) of China, under which Baohong’s institute operates, has actually started work on the development of a national standard for blockchain
