Cities all over
the world are competing to become blockchain innovation hotspots. Busan, South
Korea, is one such city that has been proactive in its efforts to establish
itself as a premier blockchain city.
Busan’s
Grandiose Vision
Busan, the
second-largest city in South Korea and a major port, is noted for its thriving
economy and technical breakthroughs. Its goal is to become a global blockchain
city by embracing this cutting-edge technology across multiple sectors. The
municipal administration sees a future in which blockchain is incorporated into
daily life, from government services to logistics, healthcare, and finance.
It has since drawn
up a thorough strategy to realize this ambition, which includes collaborating
with blockchain businesses, building a blockchain-friendly regulatory
environment, and boosting blockchain education and research. These projects are
designed to establish Busan as a global leader in blockchain technology and
innovation.
Busan
Embarks on Ethereum-Compatible Blockchain Mainnet
Busan is
venturing into the realm of blockchain technology by developing a public
blockchain network compatible with well-established blockchain platforms like
Ethereum and Cosmos. The initiative aims to consolidate blockchain-based
services from various mainnets onto a unified platform at the city level,
ultimately transforming Busan into a full-fledged blockchain city.
Busan City has allocated a substantial
budget of 100 billion Korean won (equivalent to $75 million) for open
blockchain development adhering to global standards. This financial backing
will come from investments contributed by public financial institutions in
Busan, with significant interest already expressed by around 100 private
companies. The project is managed under the Blockchain Innovation Fund, a
private fund dedicated to bolstering Busan’s blockchain industry and
infrastructure, led by both financial and public institutions within the city.
This public
blockchain development falls under the Busan Digital Asset Exchange
Establishment Promotion Plan and Future Schedule plan, emphasizing Busan’s
ambition to solidify its position as a blockchain city.
Busan City has
previously explored various use cases of blockchain technology in its
trade-free zone; however, most of these ventures were carried out on different
blockchains, leading to a somewhat disjointed experience for businesses. This
challenge led the city administration to focus on creating a public…
