March 28, 2024
Busan, South Korea, is forging ahead as a blockchain hub
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Busan, South Korea, Forges Ahead to Become a Leading Blockchain Hub

Busan, South Korea’s second-largest city, is in the process of creating a public blockchain network that can seamlessly interact with established blockchain platforms like Ethereum and Cosmos. The overarching goal is to unify blockchain-based services from various blockchain mainnets onto a singular city-level platform, ultimately transforming Busan into a recognized blockchain hub.

To support this initiative, 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 is derived from investments from public financial institutions within the city, with considerable interest from nearly 100 private companies. The Blockchain Innovation Fund (BIF), a private fund dedicated to bolstering Busan’s blockchain industry and infrastructure, spearheads this effort with collaboration from Busan’s financial and public institutions.

This public blockchain development is a critical facet of the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule Plan, with the ultimate objective of elevating Busan’s status as a prominent blockchain city. The official announcement highlights Busan City’s prior experimentation with various blockchain technology use cases within its trade-free zone.

Nonetheless, these initiatives were primarily executed on different blockchain networks, resulting in a less-than-ideal experience for businesses. Consequently, this issue has propelled the city administration to concentrate on establishing a city-level public blockchain solution that harmonizes with global blockchain networks like Ethereum. Furthermore, Busan City is actively engaged in formulating the Blockchain Trust Framework technology standard, overseen by the Korea Internet and Security Agency.

The project’s core mission revolves around enhancing the quality of private services and stimulating interoperability among these services by specifying criteria related to blockchain technology systems, performance benchmarks, and security protocols. This standard will also be applied to public services offered within Busan City.

In its long-term vision for blockchain development, Busan aims to establish the Busan digital asset exchange by the first half of 2024. This digital exchange will not solely feature digital assets but also encompass tokenized securities, such as precious metals (e.g., gold, copper) and raw materials (e.g., oil). Furthermore, the project’s administrators aspire to tokenize and facilitate trading in global intellectual property rights and carbon emissions rights.

Image by pixabay

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