Sales Slump for Blockchain Business in Korea


Less than a quarter of technology companies in South Korea involved in blockchain business development has actually achieved to generate revenue related to their blockchain initiatives. The growth in revenues generated as a percentage of new investment in technology and other solution is even limited and slow far lower than the success rate for new investments in other technologies and solutions. Assuming there are hundreds of firms operating in Korea only about one-fourth of the business houses in the sector of blockchain development have able to show positive results in terms of sales growth. The figures were reported in the 2018 Software Industry Survey conducted by the Software Policy & Research Institute, which is the country’s National IT Industry Promotion Agency, a government-funded organization. The findings of the report suggest that — by the end of 2018, the much talked about the boom in blockchain development had yet to take shape and generate the final much desired and awaited result. Despite the significant interest shown on the part of the government, and a blockchain ‘yes”, crypto ‘no’ policy, little happened beyond the many announcements made and memorandum of understanding (MOU’s) signed.

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Forty-four of the one ninety-eight blockchain-focused investment made any progress in terms of new blockchain business development. In the blockchain category as the documents point out 70 percent of the blockchain development corporation were into IT services. But among the IT services company, only 16 were generated sales. The result for the blockchain survey was not all as expected. Companies having their business interest in bid data had their success rate of over 55 percent and those in the domain of IoT had 67 percent success rate. The report overall indicated that blockchain was not a significant part of new technology development. Most of the development was in other fields. Among companies engaged in the new software business, only 8.4 percent were involved in the blockchain business.

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Source: Coin Desk

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