Editorial

Less than a quarter of South Korean Blockchain firms have actually, er, sold anything

Only 22.2% have reported sales – indicating, says a local trade group stud, that the high interest in the market has not yet led to commercial results

Posted 5 September 2019 by

Only one in four of all South Korea’s Blockchain companies have sold any of their software so far – or up until the end of 2018, at least.

The disappointing statistic comes out of a 2018 poll of the Republic’s technology firms by the nation’s Software Policy & Research Institute, which works with the country’s National IT Industry Promotion Agency. The document is dated December 2018, but only actually released last week (and is only in Korean, so far as we have been able to determine, so we are not providing a link at present).

‘Blockchain Technology’ on Flickr by surya s (c) All Rights Reserved

The organisation’s data suggests that only 22.2% of all the start-ups contacted have attracted commercial interest for their solutions yet – a rate that is far lower than the success rate for new investments in other software technologies and solutions, the organisation points out.

“Only 22.2% of those in blockchain have reported sales, indicating that the high interest in the market has not yet led to sales results,” the report notes – which in numbers terms translates to 44 out of 198.

By contrast, 68.1% in virtual and augmented reality and 60.2% of South Korean first stage companies working in cloud made sales from their new software and services in the year in question, 56.9% for Big Data, and 50.0% IoT and AI.