Report: Most firms in Korea’s ‘blockchain city’ don’t know what blockchain is

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Report: Most firms in Korea’s ‘blockchain city’ don’t know what blockchain is

Is Busan a “blockchain city” in name only?

Report: Most firms in Korea’s ‘blockchain city’ don’t know what blockchain is

A recent report from the Busan Research Institute has revealed a peculiar trend: 62% of firms in the blockchain sandbox city of Busan, South Korea apparently do not know anything about the technology.

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

This makes the underwhelming results of the “Report on Activation of the Busan Blockchain Free Regulatory Zone,” reported by local media outlet Fn News, all the more surprising. 

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.

Furthermore, 19% of blockchain businesses also stated that they feel alone in terms of development, 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.

Looking ahead, 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.”

It further stated 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.

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