Busan, South Korea’s second-largest city, is actively paving the way to become a cutting-edge blockchain hub by developing a public blockchain network that can seamlessly integrate with major blockchain platforms like Ethereum and Cosmos.
The city’s ambitious goal is to create a unified platform at the city level that can support a wide range of blockchain-based services and ultimately transform Busan into a thriving blockchain city.
To finance this transformative initiative, Busan City has earmarked an impressive budget of 100 billion Korean won (equivalent to $75 million) under the Blockchain Innovation Fund (BIF).
These funds will primarily be sourced from investments by public financial institutions within Busan, and there has already been substantial interest from nearly 100 private companies.
The BIF serves as a private fund dedicated to bolstering Busan’s blockchain industry and reinforcing its infrastructure, with strong collaboration between financial and public institutions within the city.
This monumental public blockchain development is a part of the broader Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan, which has a clear mission to position Busan as a leading blockchain city.
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The decision to pursue this path was partly due to the challenges faced by businesses operating within the city’s trade-free zone, as they found it cumbersome to navigate multiple blockchain networks for various projects.
Hence, the move towards a unified public blockchain network that can seamlessly interface with global counterparts like Ethereum was a strategic choice to enhance efficiency and user experience.
In addition to these efforts, Busan City is actively participating in the establishment of the Blockchain Trust Framework technology standard under the auspices of the Korea Internet & Security Agency.
This initiative seeks to elevate the quality of private services and facilitate greater interoperability among services by establishing standards in key areas such as blockchain technical systems, performance, and security.
These standards will also be extended to public services offered within Busan City, further solidifying its commitment to blockchain technology.
Looking ahead, the long-term blockchain development plan includes the creation of the Busan digital asset exchange in the first half of 2024.
This exchange will not only support digital assets but also facilitate the trading of tokenized securities, including valuable commodities such as precious metals (e.g., gold), industrial materials (e.g., copper), and energy resources (e.g., oil).
Moreover, the visionary administration behind these projects has its sights set on tokenizing and trading global intellectual property rights and carbon emissions rights in the future, marking Busan’s determination to be at the forefront of the blockchain revolution.
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