May 29, 2018 04:50 UTC
Sep 21, 2018 at 11:41 UTC
Average Lifespan Of Blockchain Projects: Under 2 Years
Before you can finish saying Blockchain, new Blockchain project emerges somewhere around the world that very instant. But how many of these projects actually make it in the long term? The Chinese are eager to answer that question. He Baohong of the China Academy of Information and Communications Technology (CAICT) recently said in the ongoing China International Big Data Industry Expo 2018 in Guizhou, that only 8% of the blockchain projects ever launched are still alive.
The staggering statistic shows that since the invention of blockchain in 2008, there have been 80,000 blockchain projects launched around the world. According to the CAICT’s report, only 8% of those are being actively maintained. The 92% that failed lasted an average of 1.2 years before maintenance on the projects came to a halt.
CAICT is a scientific research institute directly controlled by the Chinese government in the form of the Ministry of Industry and Information Technology (MIIT).
Most blockchain-based ventures are at best a hit and miss. According to He, “[These projects] come out very quickly, but die quickly as well,” as quoted by CMN.
“In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”
“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join,” He added. “[This] will help blockchain technology and industry to become more transparent and open.”
Along with these statistics, CAICT has also released a report on the top 10 global blockchain industry trends, with six major trends emerging in particular. Increasing integration of the flow of data and the accelerated pace of the growth of digital assets were both positive trends now emerging in the space as innovation and developments continue.
The Chinese government had also recently published a report ranking the quality of public blockchain projects. Bitcoin ranked thirteenth on that list, tying with privacy-centric cryptocurrency Verge. That ranking was the cause of heated debates and controversy among cryptocurrency enthusiasts, especially after Verge was attacked by a malicious miner for the second time in 2018 alone.