Yesterday, a report was published on the profits of the technology industries in South Korea in 2018. The report was prepared by the Software Policy & Research Institute (SPRi) and shows unequivocally how companies in the blockchain industry in South Korea struggle to take off.

Reading the data in the report, it is possible to see that only 44 out of 198 companies operating in the blockchain business have generated a profit and, in percentage terms, this is 22% compared to other companies operating in other sectors such as cloud, big data and IoT (Internet of Things), which have an average that ranges from 50 to 70%.

“There is no doubt that blockchain gets much attention in the market but there is few successful cases and it has a low rate of making revenues. However, the size of blockchain workforce is expanding with the highest growth rate compared to other new software businesses over the same period.”

These figures are in sharp contrast with the general trend of the blockchain sector as a whole, given that last year recorded sales of over $100 million from 198 companies, of which 183 were small companies with an average of 10 employees.