less than a quarter of blockchain companies in South Korea generate revenue

A new study showed that only a quarter of the blockchain companies in South Korea generated revenue for 2018. This is much lower than the performance of companies operating in other technological areas.

The study was conducted back in December 2018, but the report was released only now. However, it is clear that despite the boom in the blockchain industry, actual success has not yet come to companies in this area. And this is despite the interest of the state, which contributes to the development of the blockchain, although it strictly regulates cryptocurrencies.

“Only 22.2% of companies engaged in the blockchain industry reported successful sales. That is, attention and interest in the field does not mean successful sales of solutions, ”the researchers noted in their report.

It is reported that a total of 198 blockchain startups were investigated and only 44 of them sold their solutions. Interestingly, most companies developed solutions for IT services, but only 11.4% of them achieved sales success. But out of 6 companies developing software solutions for the Internet, all have successfully sold their achievements.

In comparison, more than 60% of cloud computing firms are successful. Exactly half of the companies developing artificial intelligence sold their solutions, and in the field of the Internet of Things (IoT) sales were registered by 67.1% of firms.

It is also interesting that, in fact, blockchain companies occupy only a small share of IT startups – only 8.4% of new technology firms worked with distributed registry technology. The areas of cloud computing (43.5%), big data (27.9%), and IoT (25%) are noticeably more popular.

Note that according to the results of the poll Media Post 26% of respondents named
“Blockchain” is the most overrated word of 2018.