Quarter of South Korean Firms Committed in Blockchain Have Merely Achieved Any Revenues

Less than a quarter of technology firms in South Korea committed in blockchain development has accomplished any revenue associated with their blockchain initiatives, far lower than the success rate for new investments in other technologies and solutions.

The grim statistic was reported within the 2018 Software Industry Survey conducted by the Software Policy & Analysis Institute, which is affiliated with the country’s National IT Trade Promotion Agency, a government-funded group. The doc is dated December 2018 however was released on Aug. 26.

The results suggest that — by the top of 2018, at least — a lot talked about the boom in blockchain had but to materialize. Despite significant curiosity on the part of the federal government, and a blockchain ‘yes”, crypto ‘no’ coverage, little happened past the many announcements made and MoUs signed.

Of the 198 blockchain-centered investments examined within the report, solely 44 had achieved any sales from their newly developed choices.

Most of the companies — 141 of 198 — within the blockchain class within the survey had been concerned in IT services. However solely 16 of these achieved any sales in 2018 – about 11.4 %. All six in the internet software class reported gross sales, whereas 22 of the 50 IT services firms booked enterprise. The sole recreation firm within the survey reported no business

The results for blockchain were the worst within the study by far. In comparison, 60.2 percent of companies in cloud computing achieved sales from their new software and services in 2018.