Busan, the second largest city in South Korea, is developing a public blockchain network that will be compatible with major blockchain platforms like Ethereum and Cosmos. The goal is to create a unified blockchain platform at the city level that can integrate blockchain services from different networks.
The city has allocated $75 million to support open blockchain development aligned with global standards through its Blockchain Innovation Fund (BIF). The money will come from investments by public institutions in Busan, with nearly 100 private companies also interested in participating. BIF, led by financial and public groups in Busan, aims to back the city’s blockchain industry and infrastructure.
This public blockchain initiative is part of Busan’s plan to establish a digital asset exchange and become a blockchain hub. The city has tested various blockchain use cases in its free trade zone. However, most projects used different blockchains, creating an inconvenient experience for businesses. This motivated the push for a unified public city-level blockchain.
Busan is also involved in developing blockchain trust framework standards conducted by Korea’s internet security agency. This aims to improve private services, encourage interconnectivity between services, and set requirements for technical systems, performance, and security. The standards will also be used for public services in Busan.
Long-term plans include launching a Busan digital asset exchange in 2024 to trade virtual assets, tokenized securities like precious metals, and intellectual property and carbon emissions rights. Through this unified blockchain approach, Busan aims to become a leading blockchain city.
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