92% of blockchain projects have failed already

Just a fraction of blockchain-based projects are still active, with the average lifespan estimated to be around 1.22 years.

Of the 80,000 projects that have launched globally, only 8 per cent are still kicking around today, claims The China Academy of Information and Communications Technology (CAICT).

“[These projects] came out very quickly, but die quickly as well,” said He Baohong, director of CAICT. “In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-lilfe applications.”

In order to help more blockchain-based projects succeed, the country aims to establish more dedicated programs for the industry.

“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expresses interests to join,” Naohong continued. “[This] will help blockchain technology and industry to become more transparent and open.”