The China Academy of Information and Communications Technology (CAICT) through an official report says that only 8% of around 80,000 blockchain projects launched worldwide, remain active and their life span is less than 2 years. The 92% that failed lasted an average of 1.2 years before maintenance on the projects ground to a halt.
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 remarked regarding such a short life span of blockchain projects :
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 was speaking at the China International Big Data Industry Expo 2018 held in Guizhou city in southwest China, in connection to this he appealed to the government to implement standards for blockchain projects.
He added –
We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join. This will help blockchain technology and industry to become more transparent and open.
A report on the top 10 global blockchain industry trends, with six major trends emerging in particular was released by CAICT. The report highlighted six major trends, including the increasing integration of the flow of data and assets and the accelerated pace of the growth of digital assets.
As MarketMongers reported, the Chinese government recently published a report ranking the quality of public blockchain projects. Notably, Bitcoin ranked just thirteenth, tying with privacy-centric cryptocurrency Verge. That ranking, unsurprisingly, sparked much controversy among cryptocurrency enthusiasts, particularly after Verge was attacked by a malicious miner for the second time in 2018 alone.