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Busan City in South Korea Aims to Transform into a Leading Blockchain Hub with a $75 Million Investment

Busan outlines plans for a cohesive public blockchain network, securing its position as a global blockchain pioneer.

Sun, 24 Sep 2023, 03:05 am UTC

Busan, South Korea's bustling coastal city, is steering towards becoming a central hub for blockchain integration by creating a new public blockchain network. This new network is designed to sync seamlessly with popular blockchain platforms, namely Ethereum and Cosmos. The goal is to merge diverse blockchain services into one cohesive city-level platform.

To bring this ambitious plan to fruition, Busan City is funneling a budget of 100 billion Korean won (equivalent to $75 million) into open blockchain development through the Blockchain Innovation Fund (BIF). Public financial bodies in Busan are set to finance this initiative, and the interest it has garnered is evident. Close to 100 private sector entities have expressed keen enthusiasm to contribute. BIF's primary role revolves around fortifying Busan's blockchain landscape, spearheaded by the city's financial and public organizations.

The roadmap for public blockchain development is charted out under the banners of the Busan Digital Asset Exchange Establishment Promotion Plan and the accompanying Future Schedule. The underlying mission: reimagining Busan as a premier blockchain metropolis.

Interestingly, Busan City has been dabbling in various blockchain projects within its trade-free precincts. However, these initiatives operated on diverse blockchain platforms, often leading to disjointed experiences for businesses. Recognizing this inconsistency, the city's officials decided to establish a unified public blockchain that aligns with global blockchain ecosystems.

Moreover, Busan City is playing an instrumental role in crafting the Blockchain Trust Framework technology standard. This is a collaborative endeavor with the Korea Internet & Security Agency. This framework's key objective is to refine private service standards and promote a robust linkage between different services, underlined by rigorous requirements related to blockchain systems, their performance, and safety protocols. This standard is poised to find application in public services across Busan.

Mapping out the broader trajectory, Busan plans to unveil its digital asset exchange by mid-2024. Beyond the listing of digital assets, this exchange envisions trading tokenized commodities like gold, copper, and oil. Expanding its horizons further, Busan's leadership hopes to explore tokenized trading opportunities in global intellectual property and carbon emission rights.

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