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60% of Firms in Blockchain Sandbox City Don’t Know What Blockchain Is

60% of Firms in Blockchain Sandbox City Don’t Know What Blockchain Is

The Gwangandaegyo or Diamond Bridge in Busan, South Korea. Supply: Adobe/Tom

Only a 12 months in the past, Busan, the second greatest metropolis in South Korea, was celebrating after it was granted the nation’s first blockchain regulatory sandbox standing – with grand plans afoot for implementing tokenized enterprise plans and crypto-powered innovation all through town. However a brand new survey has discovered that, 12 months on, over six out of each 10 corporations in Busan are nonetheless nonplussed about blockchain.

Per Fn Information, a Busan Analysis Institute-conducted survey of corporations within the metropolis discovered that 62% of corporations responded that they “didn’t know” what blockchain was, with a staggering 91% stating that that they had no plans to undertake blockchain know-how.

Maybe extra worryingly, a separate survey of 26 corporations doing blockchain-related enterprise in Busan discovered that nearly 1 / 4 of corporations complained of regulatory hurdles – even supposing the sandbox zone, which contains your complete metropolis, is purportedly “regulation-free” in relation to blockchain.

Over 23% of the corporations quizzed said that regulation was the “greatest problem” they confronted, with 19% complaining of a scarcity of presidency coverage help.

Virtually 20% mentioned they had been unsure in regards to the marketability of their options, whereas over 15% complained of a scarcity of technological assets and human assets. An extra 12% complained that they had been insufficiently funded.

The Busan Analysis Institute report’s authors concluded that the sandbox wanted assist by “establishing an efficient blockchain ecosystem,” with extra coaching applications and extra blockchain-related corporations dropped at town.

Earlier this 12 months, two of town’s greatest and busiest vacationer hotspots, together with the busy Haeundae Seaside, agreed to just accept crypto pay in bitcoin (BTC) and different tokens.
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Study extra: Blockchain Adoption Lacks Proof, Companies Use It For Non-Current Issues – Report

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