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Average Blockchain Project Dies In 15 months, Chinese Official Claims

Average Blockchain Project Dies In 15 months, Chinese Official Claims 101
Source: iStock/Kameleon007

For over 80,000 of all blockchain projects ever launched globally, only 8% are still being actively maintained and the average life span is only around 1.22 years, or less than 15 months, according to an official from the China Academy of Information and Communications Technology (CAICT), reported China Money Network.

The report did not specify how those numbers were calculated.

He Baohong, the director of Cloud Computing and Big Data Research Institute under CAICT, said, “[These projects] came out very quickly, but die quickly as well. 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 spoke at the International Big Data Industry Expo 2018 held in the southwestern city of Guizhou.

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.

He also 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.” According to recent Chinese media reports, the standard will be completed and introduced by the end of next year.

Baohong’s comments came after a recent statement by Yu Kequn, Director of the Chinese National Center for Information Technology Security Research, who said that “The development of blockchain technology may become an important step for China to grasp the global technological competition.”

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