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China Government Investigation Warns About Short-Lived Blockchain Projects

An investigative report from the China Academy of Information and Communications Technology (CAICT), has found out that more than 90% of blockchain projects are short-lived, and that the average lifetime of them is about a little more than a year. This conclusion was announced on the release of the report that also deals with latest trends in blockchain industry, according to an article published by China Money Network.
The CAICT is a technology research institute directly under the management of the Ministry of Industry and Information Technology, the CAICT serves as the innovation branch of the Chinese Government, supporting strategic changes and actions with solid data-based inquiries.
The report specifically studied more than 80,000 blockchain projects globally and came to the conclusion that the average life of them was 1.22 years. He Baohong, the director of the data research branch of CAICT said that the projects are affected by the lack of standardization between countries in blockchain matters. Under the actual conditions, is very difficult for these projects to achieve real-life applications.
He also commented that government verification and regulation should help these projects to grow. He stated:

“WE HAVE ESTABLISHED VERIFIABLE BLOCKCHAIN PROGRAMS IN CHINA, AND NEARLY 200 PRIVATE ENTERPRISES HAVE EXPRESSED INTERESTS TO JOIN,”

So the interest for these projects is there, but private investors need to verify that the projects are real. He Baohong did not comment if cryptocurrency based projects like Initial Coin Offerings were included in the number of projects analyzed in the report.
Blockchain has been advertised as a really important technology for the future, but the fact is that apart from cryptocurrencies, the industrial world has not jumped the blockchain van yet; according to a report outed by Gartner, a USA based IT consulting and research firm, almost 80% of the businesses surveyed had no interest in implementing any blockchain application into their organization.
 

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