Chinese Report Shows Low Life Expectancy for Most Blockchain Projects

Chinese Blockchain Projects Life Support

Sources report that a Chinese government analysis concluded that the average lifespan of a blockchain project is only 15 months.

In a speech at the ongoing China International Big Data Industry Expo 2018 in Guizhou, He Baohong of the China Academy of Information and Communications Technology (CAICT) noted that only eight percent of all blockchain projects ever launched are still up and running.

The just-released information is part of the CAICT’s report on blockchain industry trends.

The CAICT is a research institute under the Chinese government’s Ministry of Industry and Information Technology (MIIT).

The CAICT foresees several trends enduring, such as “increasing integration of the flow of data and assets” as well as “accelerated pace of the growth of digital assets, ” according to a report from the China Money Network (CMN).

According to He, however, the landscape is a bit more difficult for blockchain-based efforts.

He was quoted by CNN as saying that

“(These projects) came out very quickly, but die quickly as well.”

He also said that:

“In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”

Unsurprisingly, He retained a positive outlook on China’s own blockchain projects.

He would say that

“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join.”

Finally, He concludes that:

“(This) will help blockchain technology and industry to become more transparent and open.”

(Image Source: i.gium.co.uk)

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