South Korea’s second-largest city, Busan, is trying to revolutionize itself into a global epicentre for blockchain technology. This transformative endeavour entails the development of a public blockchain network compatible with established platforms like Ethereum and Cosmos. The ultimate vision is to seamlessly integrate blockchain-based services from various mainnets onto a unified platform, catapulting Busan into the league of a proper “Blockchain City.”
A Generous Budget Allocated to Blockchain Development
To power this visionary transformation, Busan City has committed a $ substantial budget of 100 billion won, equivalent to approximately $75 million. This financial injection is earmarked for creating an open blockchain network that adheres to rigorous global standards. The facilitator of this financial endeavour is the Blockchain Innovation Fund (BIF), a private fund dedicated to nurturing Busan’s burgeoning blockchain industry and fortifying its infrastructure. BIF operates in collaboration with financial institutions and public bodies within the city.
Unveiling the Blueprint: Busan’s Digital Asset Exchange Plan
At the heart of Busan’s blockchain ambitions lies the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule. These comprehensive strategies outline the city’s intentions to evolve into a thriving hub for blockchain innovation. The ultimate goal of these initiatives is to rebrand Busan as a “Blockchain City.”
From Fragmentation to Integration: A Critical Need for Unification
Busan’s ongoing experimentation with diverse blockchain use cases, particularly within its trade-free zone, is one pivotal driving force behind this ambitious undertaking. However, these endeavours have often unfolded on disparate blockchain networks, resulting in a fragmented and less-than-optimal experience for businesses. Recognizing the imperative need for cohesion, Busan City has opted to consolidate its efforts into a city-level public blockchain network. This network will be designed to interface with established global blockchain networks like Ethereum seamlessly.
Setting the Standard: Busan’s Role in Blockchain Trust Framework (BTF) Development
In tandem with its groundbreaking blockchain projects, Busan City is actively participating in shaping the blockchain trust framework (BTF) technology standards led by the Korea Internet & Security Agency (KISA). This visionary initiative aims to define a comprehensive set of technical standards, performance criteria, and security benchmarks for blockchain systems. By establishing these standards, Busan seeks to elevate the quality of private blockchain services and promote interoperability among various blockchain-based solutions. Furthermore, these standards will enhance the calibre of public services offered within the city.
A Glimpse into the Future: The Busan Digital Asset Exchange
Further, Busan’s extensive blockchain development roadmap includes launching the Busan digital asset exchange, slated for the first half 2024. This pioneering exchange will serve as a trading platform for virtual assets and tokenized securities, encompassing precious metals and commodities such as gold, copper, and oil. In a visionary stride, the city administration behind these projects aspires to tokenize and trade global intellectual property rights (IP) and carbon emissions rights. Hence, this underscores their dedication to pushing the boundaries of blockchain technology worldwide.
Charting a Course to the Future: Busan’s Blockchain Revolution
Busan’s audacious vision to become a “Blockchain City” is a testament to its unwavering commitment to innovation. It also signifies the growing significance of blockchain technology in the contemporary world. As Busan continues to invest in blockchain infrastructure and standards, it emerges as a global exemplar of how cities can leverage this transformative technology to benefit their residents and the broader business community. With its enterprising spirit and substantial financial commitment, Busan is poised to lead the blockchain revolution, setting new benchmarks for cities worldwide.