Incheon Blockchain Industry Survey... 67% of Companies "Hope to Adopt Blockchain"

Incheon City conducted a survey on the local blockchain industry and found that more than 67% of the responding companies wish to adopt blockchain technology.

The city announced the results on the 31st, based on an online and offline survey conducted since December last year targeting 558 companies in Incheon.

According to the survey, the number of blockchain companies identified in Incheon increased from 29 in last year’s city survey to 57. Among 501 responding companies, 336 (67.1%) expressed their intention to adopt blockchain. The main business sectors of these companies are semiconductors (30.1%), digital and data (20.5%), beauty (10.4%), food and distribution (9.2%), robotics (8.6%), bio (5.7%), aerospace (5.7%), and automotive (4.8%).

Status of Companies Wishing to Adopt Blockchain in Incheon. Provided by Incheon City

The most common reason for wanting to adopt blockchain was "increased reliability due to impossibility of forgery or alteration," cited by 63.1% of respondents. This was followed by "ensuring transparency through public ledger monitoring" and "simplifying supply chain management procedures through automatic tracking," each at 39.3%.

Regarding support policies needed by companies, funding for technology development (84.2%), education support (77.2%), and activation of blockchain adoption in the public sector (73.7%) accounted for high proportions. Among companies wishing to adopt blockchain, the highest response was for labor cost support (44.7%), followed by research and development (R&D) investment support (43.5%) and technology development funding support (40.1%).

Since 53.9% of respondents expressed willingness to participate in blockchain support projects in this survey, exceeding half, the city plans to prepare various promotional and support measures to translate this into actual participation.

An official from Incheon City stated, "Based on the survey results, we will strive to revitalize the Incheon blockchain industry and build linkage projects between existing blockchain companies and those wishing to adopt the technology, so as to effectively expand the local blockchain ecosystem."