Just a year ago, Busan, the second biggest city in South Korea, was celebrating after it was granted the nation’s first blockchain regulatory sandbox status – with grand plans afoot to implement tokenized business plans crypto-powered innovation throughout the city.
But a new survey has found that twelve months on, over six out of every ten companies in Busan still don’t have any idea about blockchain.
As reported by FN News, a Busan Research Institute surveyed companies in the city found that 62% of firms responded that they “did not know” what blockchain was, with a staggering 91% stating that they had no plans to adopt blockchain technology.
Perhaps more worryingly, a separate survey of 26 companies doing blockchain-related business in Busan found that almost a quarter of companies complained of regulatory hurdles – even though the sandbox zone, which comprises the entire city, is purportedly “regulation-free” when it comes to blockchain.
Over 23% of the firms quizzed stated that regulation was the “biggest difficulty” they faced, with 19% complaining of a lack of government policy support.
Almost 20% said they were uncertain about their solutions’ marketability, while over 15% complained of a lack of technological resources and human resources. A further 12% complained that they were insufficiently funded.
The Busan Research Institute report’s authors concluded that the sandbox needed help by “establishing an effective blockchain ecosystem,” with more training programs and more blockchain-related firms brought to the city.
This year, two of the city’s most significant and busiest tourist hotspots, including the busy Haeundae Beach, agreed to accept crypto pay in bitcoin (BTC) and other tokens.