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


Is Busan a “blockchain city” in name only?

62% of firms in the blockchain sandbox city of Busan, South Korea seemingly do not know anything about the technology is a result of the recent report from the Busan Research Institute.

The South Korean federal government considered Busan as a “regulation-free” zone for blockchain development since last year. This city has approached many projects in the blockchain space which consists of plans for a blockchain-based virtual power plant, and even its own municipal cryptocurrency.

Exactly there are 91% of the 100 surveyed companies from various industries said that they had no plans to apply blockchain technology.

There are 23% of 26 blockchain-related companies complained about the regulatory obstacles that have been facing recently.

Besides, 19% of blockchain businesses also claimed that they feel apart in terms of development, blaming a lack of government support for blockchain application, while 15.4% raised concerns about  how can they develop the technology when they have a lack of technology and human resources.

Soon, the report pointed out some useful hints for the government to better help 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 expressed 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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