Study: 92% of Blockchain projects die in less than two years
Recent years have seen a sharp increase in the number of Blockchain-related projects, with 871 ICOs raising over $6 billion last year compared to only 29 ICOs raising $90 million in 2016. Already this year there were 777 ICOs and even more start-ups climbing on the ICO train - but not all of them will make it.
Since the invention of the Blockchain in 2008, 80,000 projects have been launched worldwide, and a Chinese government report has shown that only 8% of them are actively maintained. The 92% that failed lasted on average 1.2 years before project maintenance stopped.
He Baohong of the Cloud Computing and Big Data Research Institute of CAICT, a scientific institute under the Ministry of Industry and Information Technology (MIIT), commented on the short life of these projects at the China International Big Data Industry Expo 2018 in Guizhou, China:
"(These projects) came out very quickly, but die quickly too. In this circumstance, governments are accelerating their efforts to establish unified standards to help projects using the Blockchain realize real applications.
"We have established verifiable Blockchain programs in China, and nearly 200 private companies have expressed interest in joining us," he added. (This) will help technology and industry become more transparent and open."
The CAICT also published a report on the top 10 global trends in the Blockchain industry, with six major trends emerging in particular. The increasing integration of data flows and the accelerated pace of growth in digital assets have been positive trends that are now emerging as innovation and development continue.
As reported by CCN, the Chinese government recently published a report ranking the quality of public Blockchain projects. Notably, the Bitcoin ranked just thirteenth, linked to the crypto privacy-centric Verge. This classification, not surprisingly, has caused much controversy among crypto-currency lovers, especially after the Verge was attacked by a malicious miner for the second time in 2018.