Recent years saw a rapid growth in the number of blockchain projects, which managed to attract multimillion-dollar investments. But their life only slightly exceeds a year on average.

Since the invention of blockchain and bitcoin in 2008, 80,000 blockchain projects have been launched in the world, with only tiny 8% of them still alive and developing, the report of the Chinese Research Institute of Cloud Computing and Big Data under the Ministry of Industry and Information Technology reads.

92% of world blockchain projects failed, having lived on average only 1.2 years.

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

Speaking at a conference in Guizhou, He Baohong, representative of the institute, said that interest in blockchain-based solutions among Chinese enterprises is high, with nearly 200 private companies expressing their intention to implement blockchain applications.

Earlier, the Chinese government published a rating of 28 blockchain projects. The first place was occupied by Ethereum, while bitcoin did not enter even the top 10, taking onlye the 13th line next to Verge. The rating caused a lot of controversy among crypto enthusiasts, especially after Verge was attacked for the second time via the vulnerability in its code.