Companies In Blockchain Sandbox City Don’t Know What Blockchain Is

About 60% of companies in blockchain sandbox city Busan, the biggest city in South Korea, don’t actually know what this technology is and how it works. A year ago, Busan celebrated after getting the first blockchain regulatory sandbox status with plans to implement tokenized business plans and crypto-based innovation in the city. However, according to a survey as we are about to see in the blockchain latest news, six out of 10 companies don’t know what blockchain is.

According to Fn News, the Busan Research Institute conducted a survey of companies and found that 60% of the companies in the blockchain sandbox city of Busan, don’t know what blockchain is while 91% of them said they had no plans adopting blockchain technology. what’s even more worrying is that another survey shows that 26 companies that do blockchain-related businesses in Busan found that about a quarter of the companies complained of regulatory issues despite the fact that the sandbox zone is known for the favorable regulatory climate and that the entire city is actually a regulation-free zone when it comes to blockchain.

More than 23% of the companies in the city stated that regulation was the biggest difficulty they faced with 19% of them complaining of lack of government policy support. About 20% of them said they are uncertain about how to market their solutions while more than 15% of them complained about a lack of technological resources and human resources. An additional 12% complained that they were insufficiently funded.

The Busan Research institute launched a report where the authors concluded that the sandbox needs help “establishing an effective blockchain ecosystem” with more training programs and more blockchain-related companies brought to the city. At the start of the year, two of the city’s biggest tourist hotspots including the busiest Haeundae Beach agreed to accept crypto payments in Bitcoin and other tokens.

Regardless, in the recent blockchain news, we saw that The Celo foundation gives away $1 million to blockchain companies including MIT, IDEO Colab Ventures, and McCafi as a part of the goal to create a more positive economic future. The Celo foundation gives away $1 million worth of fundings for blockchain companies and organizations and the applications recently rose by 400%. The foundation announced to be awarded several companies that contribute to the Celo ecosystem and the purpose is to create a financial ecosystem that creates prosperity.