World’s Next Blockchain City? Busan is Developing Ethereum-Compatible Mainnet
- Busan, South Korea’s second-largest city, is creating a public blockchain network compatible with major platforms like Ethereum and Cosmos.
- The initiative aims to unify various blockchain services onto a single, user-friendly platform, turning Busan into a thriving blockchain city.
- A substantial budget of 100 billion Korean won ($75 million) from public financial institutions and private companies supports this venture.
- The city seeks to streamline blockchain services, as previous projects on different blockchains proved inconvenient for businesses.
- Busan actively contributes to the establishment of the Blockchain Trust Framework technology standard and plans a digital asset exchange offering tokenized securities and commodities.
In a bold move towards technological innovation, Busan, South Korea’s second-largest city, is set to embark on a groundbreaking journey in the world of blockchain.
This initiative, aimed at transforming Busan into a thriving blockchain city, promises to revolutionize the way we perceive and interact with cryptocurrencies and blockchain technology.
A Unified Blockchain Network
The heart of this endeavor is the creation of a public blockchain network that will seamlessly integrate with well-established blockchain platforms like Ethereum and Cosmos.
Busan envisions a future where various blockchain-based services from different networks can converge onto a single, user-friendly platform at the city level.
This visionary step will undoubtedly put Busan on the global map of blockchain innovation.
“Blockchain technology, which was once a distant dream, is now becoming a reality for Busan.
Our aim is to offer a unified and accessible blockchain platform for both businesses and residents,” says a city official.
Funding the Future
This ambitious project is not short on resources. Busan City has committed a staggering 100 billion Korean won (approximately $75 million) towards the development of an open blockchain network adhering to global standards.
This substantial investment will be sourced from public financial institutions within Busan, with nearly 100 private companies already expressing keen interest in participating.
This funding will be channeled through the Blockchain Innovation Fund (BIF).
“The BIF is a private fund dedicated to nurturing Busan’s blockchain industry and enhancing its technological infrastructure.
We are confident that this partnership between public and private entities will drive innovation and elevate Busan’s status in the blockchain world,” states a representative from the BIF.
Streamlining Blockchain Services
The decision to create a public blockchain network at the city level stems from the challenges faced in Busan’s experimentation with blockchain technology.
While the city’s trade-free zone has been a testing ground for various blockchain use cases, the projects often operated on separate blockchains.
This fragmented approach resulted in an inconvenient user experience, particularly for businesses.
“Our experience showed that businesses found it uncomfortable to navigate between different blockchain networks.
We believe that a unified blockchain platform will provide a smoother experience and encourage more businesses to adopt blockchain technology,” explains a city official.
Setting Technological Standards
Busan City is not just stopping at blockchain integration. It is also actively participating in the establishment of the Blockchain Trust Framework technology standard, spearheaded by the Korea Internet & Security Agency.
This standardization effort aims to improve the quality and interconnectivity of blockchain services.
The framework will define requirements for blockchain technical systems, performance levels, and security standards.
It will not only benefit private services but also find applications in various public services offered within Busan City.
The Road Ahead
The long-term vision for this blockchain initiative includes the establishment of the Busan Digital Asset Exchange in the first half of 2024.
This digital exchange will not be limited to listing digital assets alone.
It plans to include tokenized securities, encompassing precious metals, raw materials like gold and copper, and even commodities like oil.
The ambitious plan extends to the tokenization and trading of global intellectual property rights and carbon emissions rights.
As Busan’s blockchain revolution unfolds, it becomes clear that this city is not just embracing blockchain technology; it is leading the charge towards a future where blockchain is woven into the fabric of everyday life.
With a substantial budget, a commitment to technological standards, and an eye on global integration, Busan’s journey to becoming a blockchain city is an exciting one to watch.
“Busan is not just a city; it is a blockchain-powered ecosystem of innovation. Our aim is to transform not only our city but also the future of blockchain technology,”” declares a visionary Busan official.