Chinese Official Says Blockchain Projects Globally Had Average Life Span Of 1.22 Years

For the over 80,000 blockchain projects ever launched globally, only 8% are still being actively maintained and the average life span is only around 1.22 years, says an official at the China Academy of Information and Communications Technology (CAICT).

"(These projects) came out very quickly, but die quickly as well," He Baohong, the director of Cloud Computing and Big Data Research Institute under CAICT, which is a scientific research institute directly under the Ministry of Industry and Information Technology (MIIT) of China. "In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications."

He made the comment at the China International Big Data Industry Expo 2018 currently being held in Guizhou city in southwest China, and called on governments to set up unified standards for blockchain.

"We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join," He said. "(This) will help blockchain technology and industry to become more transparent and open."

These comments were made on the release of a report on the top 10 global blockchain industry trends that was produced by CAICT. The report 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.

Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
Introducing Finley, the fintech newsbot from China Money Network! Using state-of-the-art machine learning technologies, Finley scours the globe for immediately usable data about the latest private equity deals, venture capital funding rounds, and business expansions happening in China. Finley asks: Who's buying whom? What company just raised new capital? What is the relationship among the parties? Then Finley uses his very real artificial intelligence to decipher that unstructured data to write news articles for you to read. So from unstructured data to a news story you can understand, China Money Network's Finley is your fintech newsbot business partner!