South Korea Achieved only 22.2% Sales in Blockchain Business, Says Report

A recent report by the Software Policy and Research Institute, which is associated with the South Korean government-supported National IT Industry Promotion Agency, found that only 22.2 percent of blockchain organizations have recorded sales. The report findings, entitled the 2018 Software Industry Survey, may infer that in spite of its popularity, the achievement in the blockchain space is yet to occur. In particular, just 44 of 198 blockchain-centered ventures are included in the survey, which has brought in sales from their offerings. The report said, Only 22.2 percent of those in blockchain has reported sales, indicating that the high interest in the market has not yet led to sales results. Moreover, the digital currency sector in the nation appears to be battling. The recent report from Business Korea expressed that vast amount of local South Korean crypto exchange are confronting bankruptcy as a result of low exchange volumes. It further stated that just five or six exchanges made it to the top 100 in the world. Additionally, few South Korean new companies have begun to take chances, with few of them listing their cryptocurrencies on overseas exchanges, including the United States and Singapore. Less than a one-fourth of technology organizations in South Korea engaged with blockchain development have accomplished any income identified with their blockchain activities, far lower than the achievement rate for new interests in different solutions and technologies. Furthermore, out of the 198 blockchain-centered investments inspected in the report, just 44 had accomplished any sales from their recently developed offerings. Most of the organizations 141 of 198 in the blockchain type in the study were associated with IT services. Just 16 of those accomplished sales in 2018, about 11.4 percent. On the internet, the software category recorded sales while 22 of the 50 IT service organizations engaged business. The single-game organization in the survey revealed no business at all. Additionally, the report recommended that blockchain does not assume a critical role in the general technology development. It found that only 8.4 percent of new software organizations are occupied with blockchain, contrasted with 27.9 percent in big data, 43.5 percent in cloud computing, and 25% on the Internet of Things. The outcomes for blockchain were the most below par in the study so far. In contrast, 60.2 percent of organizations in cloud computing accomplished sales from their new services and software in 2018. The report likewise demonstrated that blockchain was not a massive piece of modern technology advancement. The vast majority of the activity was in different regions. Moreover, those organizations who occupied with new software business, just 8.4 percent were engaged with blockchain. Blockchain News