Busan, the second-largest city in South Korea, is developing an Ethereum-compatible core network with a view to becoming a blockchain city. In this article, we give you all the details about this project.
A budget of 100 billion won for the development of an open blockchain system that meets international standards
The city of Busan has allocated a significant budget of 100 billion won to develop a public blockchain network compatible with popular platforms such as Ethereum and Cosmos. The initiative is supported by the Blockchain Innovation Fund (BIF), a private fund led by financial and public institutions in Busan, which aims to promote the growth of the blockchain industry and infrastructure in the city.
The open blockchain system is an integral part of a global strategy for Busan to become a “Blockchain City”
The development of this public blockchain network is part of Busan’s desire to become a reference as a “Blockchain city”. Currently, Busan is actively testing different applications for blockchain technology in its free zone. However, these projects were conducted on different blockchains, resulting in an inconvenient experience for companies.
Establishment of a close partnership with the Korean Internet Security Agency
In addition to developing its own public blockchain network, the city of Busan is also participating in establishing the trusted blockchain-based technological standard, led by the Korean Internet Security Agency. This project aims to improve the quality of private services and encourage interconnection between services through technical standards such as performance and safety levels.
Promote the adoption and integration of blockchain in various sectors
The main objective of the Busan initiative is to promote the use of blockchain-based technologies in different application areas:
- Government: improve transparency, traceability, and efficiency in the management of public data;
- Industry: optimize production processes, automate supply chains, and facilitate collaboration between companies through smart contracts;
- Finance: reduce the costs and complexity of financial transactions and ensure greater financial inclusion for individuals and businesses;
- Health: ensure the confidentiality and authenticity of medical data and promote their sharing among professionals in the sector.
Expected positive economic benefits for the city of Busan
It is expected that the development of this public blockchain network will have a significant impact on the local economy in Busan. Indeed, this initiative will strengthen its attractiveness to investors and companies specializing in the fields of blockchain and emerging technologies. Moreover, it will contribute to the creation of skilled and sustainable jobs in the region.
A landmark project for the global blockchain industry
The Busan initiative is a key example for anyone interested in the development and adoption of blockchain-based technologies around the world. It highlights several important aspects:
- Collaboration between the public and private sectors: The success of the Busan project is based on close cooperation between local authorities and private actors;
- The importance of compatibility and interoperability of blockchain systems: To ensure a smooth and consistent user experience, it is crucial that different blockchain platforms can operate together in a transparent manner;
- The huge potential of blockchain as a driver of economic growth: By investing heavily in developing its own public blockchain network, Busan demonstrates its confidence in the project’s positive economic and social impact.
The city of Busan is positioning itself as a global leader in blockchain technology integration and development in Asia. Thanks to this ambitious initiative, it should be able to realize its ambition of becoming a “Blockchain city” and attract capital, talent and companies from the sector to accelerate its economic growth.
