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China could set up blockchain standards committee this year, says official

The average lifespan of blockchain projects is only around 1.22 years, according to an official at the China Academy of Information and Communications Technology (CAICT), a subsidiary of China’s Ministry of Industry and Information Technology (MIIT). This has been reported by China Money Network.

Backing his statement with facts, He Baohong, the director of Cloud Computing and Big Data Research Institute under CAICT, pointed out that of the over 80,000 blockchain projects launched globally till date, a mere 8% are being actively maintained.

"(These projects) came out very quickly, but die quickly as well," Baohong said. "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 the China International Big Data Industry Expo 2018, Baohong urged governments to set up unified standards for blockchain.

"We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join," he added. "(This) will help blockchain technology and industry to become more transparent and open."

Li Ying, head of the IT Ministry's Information and Software Department, said that national blockchain standardization committee could be set up by the end of this year, CoinDesk reported.

We have been working closely with the ISO and the International Telecommunication Union (ITU). We should soon have our national technical committee for blockchain standardization ready within this year,” Li said.

Earlier this month, reports suggested that the government has begun its work on national standards for blockchain technology.

Recently, CAICT released a report outlining the top 10 global blockchain industry trends. MIIT, on the other hand, published a white paper on the country’s blockchain industry, as well as its first cryptocurrency rankings this month.

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