• Sun, 22 Sep 2019, 01:30 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Only 22% of blockchain business achieved sales in South Korea: Report

Image Credit: Hackernoon

Thu, 05 Sep 2019, 06:47 am UTC

A new report by the Software Policy and Research Institute, which is affiliated with the South Korean government-backed National IT Industry Promotion Agency, found that only 22.2% of blockchain businesses have recorded sales.

The findings of the report, entitled the 2018 Software Industry Survey, may imply that despite its popularity, the success in the blockchain space is still yet to happen. Specifically, only 44 of 198 blockchain-focused investments included in the survey have generated sales from their new offerings.

The study revealed that although the majority (141/198) of these blockchain companies were involved in IT services, only 16 (around 11.4%) reported sales in 2018. Notably, all firms under the internet software category earned sales, whereas 22 of the 50 IT services booked business.

CoinDesk noted that the recent survey results were the worst so far, comparing the grim statistic results with cloud computing service providers, which achieved 60.2% sales from new software and services last year.

The report further suggested that blockchain does not play a crucial role in the overall technology development. It found that only 8.4% of new software businesses are engaged in blockchain, compared with 43.5% in cloud computing, 27.9% in big data, and 25% in the Internet of Things.

The cryptocurrency sector in the country also appears to be struggling. In a recent report, Business Korea stated that many local South Korean crypto exchanges are facing bankruptcy because of low transaction volumes. It further noted that only five or six exchanges made it to the top 100 in the world.

Many South Korean startups have also started putting their chances at stake abroad, with many listing their cryptocurrencies on overseas exchanges including the United States and Singapore.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,984.00 (-1.90%)
  • Ethereum (ETH) $212.76 (-2.97%)
  • XRP (XRP) $0.285400 (-3.42%)
  • Bitcoin Cash (BCH) $308.55 (-2.54%)
  • Litecoin (LTC) $72.68 (-3.35%)
  • Bitcoin (BTC) $9,984.00 (-1.90%)
Sep 20, 2019 (Friday)
14:09
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
14:08
Crypto Technicals: LTC/USD Technical Analysis Summary
12:44
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:57
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
10:17
Coinbase considers listing 17 new digital assets including Kadena and Telegram
10:08
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
09:56
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
08:41
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
07:01
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
06:22
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
06:22
Bank of America joins blockchain-based trade finance network Marco Polo
05:25
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
05:14
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
05:09
Crypto trader Genesis acquires Qu Capital to bolster trading technology
04:30
Crypto Technicals: IOT/USD Technical Analysis Summary
03:43
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
03:40
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
03:37
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
03:34
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft