The Ambitious Blockchain Plans of Busan: Creating a Blockchain City

Introduction

Busan, the second largest city in South Korea, has set ambitious plans to transform itself into a “blockchain city.” The municipal government has initiated a new project with a budget of $75 million, aiming to establish its own public blockchain network that will be compatible with popular networks like Ethereum and Cosmos. The ultimate goal is to integrate multiple blockchain services onto this network.

Building a Stedelijk Blockchain Network

Central to the plans of Busan is the creation of its own public blockchain network. This network is intended to be compatible with well-known networks such as Ethereum and Cosmos. The aim is to integrate multiple blockchain services onto this network, fostering innovation and collaboration.

Attracting Investment through the Blockchain Innovation Fund (BIF)

In order to fund the project, the city plans to raise the $75 million through a public investment round. Nearly a hundred financial institutions in the city have already expressed their interest. The city’s investment fund, known as the Blockchain Innovation Fund (BIF), will play a vital role in ensuring the success of the project.

2026: Transforming Busan into a Blockchain City

By 2026, Busan aims to have transformed itself into a fully functioning blockchain city, with a working public blockchain network. The city has previously conducted tests with blockchain technology, but faced challenges due to the use of different blockchain networks, resulting in fragmentation. Hence, the decision to establish its own public urban blockchain network.

Azië Embraces Cryptocurrency

Busan also has plans to establish its own cryptocurrency exchange, expected to launch in the first half of next year. The exchange will provide trading opportunities for digital assets, as well as tokenized securities, commodities, intellectual property, and CO2 emission rights. These initiatives highlight the growing acceptance and enthusiasm for cryptocurrencies and their applications in Asia.

A Contrast to the West

Such ambitious blockchain plans are rarely seen in Europe and the United States. Asian countries, on the other hand, are more open to embracing the future of the crypto industry. While Western nations may exhibit caution, Asian countries, like South Korea, are actively welcoming cryptocurrencies and exploring their potential applications.

(Note: This article has been written based on the provided information and is not intended to provide financial advice or endorsement of any particular project or investment.)