Busan’s Blockchain Ambition
South Korea’s jewel, Busan, is making strides in its ambitious quest to become a major player in the global blockchain arena. The city’s administration, recognizing the potential of blockchain technology, is now laying down robust plans to integrate blockchain-based services.
$75 Million Development Plan
Busan City has earmarked a whopping 100 billion won ($75 million) for its open blockchain development through the Blockchain Innovation Fund (BIF). This initiative will tap into investments from public institutions in Busan, coupled with the keen interest shown by nearly 100 private companies.
A Unified Approach to Blockchain
Until now, various blockchain projects in Busan’s trade-free zone operated on different blockchains, causing a disjointed experience for businesses. The push for a city-level public blockchain that aligns with global giants like Ethereum stems from this very need for cohesion.
Enhancing Trust with Blockchain Trust Framework (BTF)
Busan is not just stopping at the development of a public blockchain. It is actively participating in the creation of a blockchain trust framework (BTF) under the auspices of the Korea Internet & Security Agency (KISA). This framework will set standards in blockchain’s technical system, security, and performance, ensuring top-tier private and public services within Busan.
The Future: Busan Digital Asset Exchange
Busan’s vision also encompasses the launch of a digital asset exchange by 2024. This platform will be a hub for trading virtual assets and tokenized securities, including commodities like gold and oil. The future also holds the potential for trading tokenized intellectual property rights (IP) and carbon emissions rights, solidifying Busan’s position as a global blockchain powerhouse.
Conclusion: Busan’s Leap into the Digital Future
Busan’s commitment to establishing itself as a ‘Blockchain City’ is evident in its progressive initiatives and the significant investments it’s making in blockchain technology. By prioritizing interoperability, standards, and the broadening of its digital asset marketplace, the city is positioning itself as a beacon for future blockchain innovations. As Busan continues to push boundaries, it not only enhances its digital footprint on the global stage but also sets a precedent for other cities worldwide to harness the transformative power of blockchain technology. The next few years will be crucial in watching Busan’s ascent as a global blockchain hub.
