New Survey Reveals Only A Quarter Of Blockchain Businesses In Korea Generate Sales

Data from the 2018 Software Industry Survey, which was released by the Software Policy & Research Institute on Sept. 4 shows that close to 80% of the blockchain companies in Korea failed to generate sales in 2018.

Additionally, the writers of the sales say that only 22.2% of companies engaged in the blockchain business have reported sales, though the comparable figure is 50-70% for companies in other new software businesses, such as cloud, big data and the Internet of Things (IoT). The report said:

“There is no doubt that blockchain gets much attention in the market but there are few successful cases and it has a low rate of making revenues. However, the size of the blockchain workforce is expanding with the highest growth rate compared to other new software businesses over the same period.”

The recently released survey results were the worst so far, comparing the dire statistic results with cloud computing service providers, which achieved 60.2% sales from new software and services last year. 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.

Notably, the crypto sector in Korea has been struggling recently. To see the contrast, 60.2% of organizations in cloud computing accomplished sales from their new services and software in 2018.

The report goes on to state that blockchain is not such a big part of merging technologies. Those organizations who occupied with new software business, just 8.4% were engaged with blockchain.

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