Busan, the second largest South Korean city is developing an Ethereum-enabled mainnet with a view to becoming a blockchain city. In this article, we provide you with all the details about this project.
A budget of 100 billion won for the development of an open blockchain system respecting international standards
The city of Busan has allocated a substantial budget of 100 billion won to develop a public blockchain network compatible with popular platforms 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.
Open Blockchain System is an Integral Part of an Overall 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 run on different blockchains, resulting in an inconvenient experience for businesses.
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 the establishment of the blockchain-based trust technology standard, led by the Korea 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 security levels.
Promoting blockchain adoption and integration across various industries
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 using smart contracts;
- Finance: reduce the costs and complexity of financial transactions and ensure greater financial inclusion for individuals and businesses;
- Health: guarantee the confidentiality and authenticity of medical data and encourage their sharing between professionals in the sector.
Positive economic benefits expected 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 of Busan. Indeed, this initiative will strengthen its attractiveness to investors and companies specializing in the fields of blockchain and emerging technologies. Furthermore, this will contribute to the creation of qualified and sustainable jobs in the region.
A landmark project for the global blockchain industry
The Busan initiative is a key example for everyone interested in the development and adoption of blockchain-based technologies across the world. It highlights several important aspects:
- Collaboration between the public and private sectors: The success of the Busan project relies 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 work together seamlessly;
- The considerable potential of blockchain as a factor of economic growth: By investing massively in the development of its own public blockchain network, Busan demonstrates its confidence in the positive economic and social impact of the project.
The city of Busan is positioning itself as a global leader in the integration and development of blockchain technology in Asia. Through 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.
