A recent report coming from China on the blockchain industry shows that the average blockchain project lifespan is just 1.22 years, with only 8% of projects ever launched still active.
He Baohong of the China Academy of Information and Communications Technology (CAICT) spoke at the at the China International Big Data Industry Expo 2018 in Guizhou, as reported by the media outlet China Money Network on 28 May.
“[Blockchain projects] came out very quickly, but die quickly as well,” Baohong said at the event, referencing the problematic short-term nature of the businesses.
He continued, “In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”
Baohong relayed just some of the information detailed in the report, in anticipation of the release of the full CAICT analysis into blockchain industry trends.
Six other blockchain trends were mentioned in the report, including “increasing integration of the flow of data and assets” as well as “accelerated pace of the growth of digital assets”.
While there are clearly issues indicated by Baohong that the blockchain industry needs to target and improve, one solution is efficient government regulations.
China and blockchain
China is indeed a leading figure for blockchain regulations. Early this week it was reported that the ministry of industry and information technology has verified that the country’s plan to launch a national blockchain standardization committee should be ready to launch by the end of this year.
The committee structure is planned to operate much like that of the TC 307, the International Organization for Standardization’s (ISO) counterpart blockchain commission, offering a comprehensive framework for blockchain standards.
Baohong addressed China’s positive, progressive stance on the industry in his speech, noting, “We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join”.
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews