Blockchain technology, with all the hype and belief from the crypto industry players, seems running out of steam. More than 80,000 projects have been undertaken running on the blockchain, only 8% remain. The other 92%, as the China Academy of Information and Communications Technology (CAICT) claims, started falling off the grid after a typical lifespan of 1.22 years.
He Baohong, CAICT’s Cloud Computing and Big Data Research Institute’s director, clarified at the China International Big Data Industry Expo 2018:
“[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.”
The private sector is not discouraged by the quick demise that happened to most of the blockchain projects. They have not lost faith in the technology that Bitcoin popularized.
He Baohong said:
“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.”