The CAICT survey: the majority of the blockchain projects there are not more than a year

According to the Chinese researchers, most of the blockchain projects have a short life cycle, which lasts on average a little over one year. Less than one-tenth of the projects reviewed in the study is still active, claimed a local official at the event in Guizhou. However, Beijing has recently taken steps to accelerate the development of initiatives in the field of research and development focused on blockchain.

Only 8% of the 80,000 blockchain projects launched around the world, active at the moment. It says Ho, Baohong (He Baohong) – Director of the Research Institute of cloud computing and big data research at the Chinese Academy of information and communications technology (CAICT). He said this at the event, International Big Data Industry 2018 Expo, held in the city of Guizhou.

In the comments to the publication of a new report about the main trends of the world industry of the blockchain, the Chinese official also said that the average lifetime of these projects is only about 1.22. In a study prepared by CAICT, identified six key industry trends, including the increasing integration of data flow and assets, as well as rapid growth of digital assets.

«These projects are very fast, but also die quickly,» said Baohong, without sharing additional information about the timing and exact scope of the study. «In this case, governments are beginning to accelerate the development of unified standards to help worthwhile projects to create real apps.»

The Ministry of industry and information technology of China (MIIT), the authority under which the institution Baojun, has already begun
to develop a national standard for technologies and applications based on the blockchain. According to recent Chinese media reports, the standard is created and published by the end of next year.

«We have created a verified blockchain programs in China, and nearly 200 private companies expressed interest in participating in them,» he added, Baohong. «This will help the technology of the blockchain and industry to become more transparent and open.»

Baohua comments were made shortly after the recent announcement Kizuna Yu (Yu Kequn), Director of the Chinese national research center for information technology, who said that «the development of the technology of the blockchain could be an important step for China’s entry into the global technological competition.» According to him, the technology of the blockchain «can be used in the combinations of production, management and transactions, and to implement a complete restructuring of work in different areas.»

China and the blockchain

Meanwhile, representatives of the Executive authorities in Beijing decided to accelerate the development and introduction of technology of the blockchain and big data in the economy.

According to a statement released last week, China’s State Council asked local governments and financial institutions, as well as the relevant scientific research organizations funded by government, to concentrate their efforts in this direction. In accordance with the order issued in may, the government instructs provincial and municipal authorities to accelerate and support the development of financial technologies, including applications based on the blockchain, under the current Chinese law.

In addition, it is planned active financial support of achievements in this area. Last week, the Chinese accelerator blockchain has announced plans to pay subsidies for startups. Blockchain Industrial Park in Hangzhou, which was recently launched
Fund to invest in the blockchain, to distribute up to $ 1 million to Finance the development of new blockchain projects. It is also reported that the organization plans to implement other methods of stimulation like FINTECH companies and their skilled employees.

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