Lifespan of Blockchain Project 1.22 Years
According to a newly released report by Chinese researchers, the bulk of Blockchain projects have a very short lifespan, averaging just over 1 year. This information was released to the public by the Director of Cloud Computing and Big Data Research Institute, He Baohong, at the International Big Data Industry Expo 2018, which was held in the city of Ghuizhou. This institute is a part of the China Academy of Information and Communications Technology (CAICT).
Less Than One-Tenth Still Active
According to He Baohong, the research showed that less than one-tenth of projects that were assessed were still active. In this research, more than 80,000 Blockchain based projects were examined across the world. Of these, only 8% are still active.
He also stated that the current lifespan of a Blockchain chain project was on average 1.22 years. The Chinese official explained that these Blockchain projects came very quickly, but also died as quickly. A lot of times, it was because of a lack of government support.
He Baohong said it was because of this situation that governments were stepping up their efforts to set standards and regulations that would help Blockchain projects attain their purpose of real-life applications.
The CAICT operates under the Ministry of Industry and Information Technology (MIIT) of China. And according to local media sources, the MIIT has already started work on developing a national standard for Blockchain technologies as well as applications, and this standard is expected to be introduced by the end of 2019.
The Director of the Chinese National Center for Information Technology Security Research, Yu Kequn stated that the development of Blockchain tech could be a key step in China’s bid for global technological competition. He said that this kind of technology has uses in production, management as well as transaction chains.
China Supports Blockchain Technology Development
The powers that be in China have now made a decision to step up work on the development as well as implementation of Blockchain and big data tech in the country. The State Council of China has asked local governments, financial institutions and government-funded research institutes to start focusing on the development of these technologies – within the current framework of regulations.
The government has also promised financial support for these programs, already offering millions of dollars’ worth of subsidies to Blockchain and big data startups. In fact, the Hangzhou Industrial Park is going to offer up to $1 million to support the development of such new projects. This financial support will be over and above other subsidies that will be offered to such fintech firms as well we their qualified employees.