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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.

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