Average Life Span Of a Blockchain Project Is 1.22 years
According to a survey conducted by the China Academy of Information and Communictions Technology (CAICT), only 8% of over 80,000 blockchain projects ever launched worldwide are still active. Furthermore, according to an official in the organization, the average life span of a blockchain project is only about 1.22 years.
The comments were issued during the release of the report about top 10 global blockchain industry trends. Six major trends were recognized by the report. This includes the increasing integration of assets and data flow, and the accelerated pace of the growth of cryptocurrencies.
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.”
CAICT is a scientific research institute directly under the Ministry of Industry and Information Technology (MIIT) of China. He Baohong further stated
“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 Baohong revealed the details while attending the China International Big Data Industry Expo 2018 held in Guizhou city in Southwest China. He also suggested governments to come together and create unified standards for blockchain.
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.”