The second-largest city in South Korea, Busan, is starting a bold initiative to transform into a blockchain city.
The project’s goal is to combine multiple blockchain-based services from several platforms into a single, integrated platform that will drive the growth of the city.
The Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule Plan is responsible for the $75 million construction. The project will work with popular blockchain infrastructures including Ethereum and Cosmos.
Busan is funding the project in partnership with the Blockchain Innovation Fund (BIF), which promotes blockchain initiatives in the city. The BIF will solicit money from different financial institutions keen to invest in blockchain technology.
The Blockchain City project in Busan is a component of South Korea’s larger plan to encourage the uptake and advancement of blockchain technology in the nation.
South Korea is aware of how blockchain technology can potentially change many economic areas, including energy, identity, customs, property, and agriculture.
South Korea has taken several actions to promote a suitable climate for blockchain innovation and investment. For instance, the nation’s mobile provider, Korea Telecom (KT), developed its blockchain network for identity and energy management.
Additionally, the government intends to use blockchain technology for property transactions, customs clearance, and even tracking the genealogy of cattle.
Busan is displaying its dedication to embracing digital innovation by pursuing its blockchain strategy. The nation is establishing itself as a hub for blockchain technology worldwide and laying the groundwork for future developments across various economic sectors.
