Firms In South Korea Do Not Know Anything About Blockchain Technology
Report: 62% Of Firms In South Korea Do Not Know Anything About Blockchain Technology
September 20, 2020
Firms In South Korea Do Not Know Anything About Blockchain Technology
Report: 62% Of Firms In South Korea Do Not Know Anything About Blockchain Technology
September 20, 2020

A report from the Busan Research Institute has revealed that 62% of firms in the blockchain sandbox city of Busan, South Korea, do not know anything about blockchain technology.

It has been reported that since last year, Busan has been considered a “regulation-free” zone for blockchain development by the South Korean federal government.

However, the city has undertaken numerous projects in the blockchain space including plans for a blockchain-based virtual power plant, and even its own municipal cryptocurrency. 

Local media outlet Fn News reported that this makes the underwhelming results of the “Report on Activation of the Busan Blockchain Free Regulatory Zone.” 

As per the report, exactly 91% of the 100 surveyed companies from various industries said that they had no plans to adopt blockchain technology.

In a separate survey of 26 blockchain-related companies, 23% complained about the regulatory obstacles that have been facing recently.

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Moreover, 19% of blockchain businesses also stated that they feel alone in terms of development by blaming a lack of government support for blockchain adoption, while 15.4% raised concerns about a lack of technology and human resources to develop the technology.

The report pointed out some tips for the government to better support blockchain companies in the city:

“In terms of the market, various related companies must be attracted and aggregated. It is necessary to support marketing support for finding demanding companies, nurturing professional manpower, and technology development.”

Thus, it concluded that current blockchain implementations are mostly restricted to service sectors, and suggested that the technology should be applied to the city’s manufacturing and industrial sectors.

Source: Cointelegraph | Image:


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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