Busan is setting its sights on becoming a prominent player in blockchain through its upcoming projects.
In Brief
The city of Busan plans to roll out its own blockchain ecosystem and digital asset marketplace in 2024, funded by an impressive $75 million.
South Korea Busan, the second-largest city in South Korea, is ambitiously creating an extensive blockchain network. This project aims to integrate numerous platforms into a single, user-friendly experience.
The goal of this initiative is to align local services with established global blockchain entities, ensuring a smoother user interface. Ethereum and Cosmos Paving the Way for a Blockchain-Driven City
This plan outlines Busan's vision for becoming a 'Blockchain City,' highlighting the establishment of a new platform for digital asset trading.
The Busan administration unveiled To support these exciting developments, the city has set up a Blockchain Innovation Fund of 100 billion won (around 75 million USD).
Busan is no stranger to blockchain; it has functioned as a regulation-free zone where various initiatives like B-Pass and digital vouchers have been successfully piloted. However, these efforts have been somewhat disjointed due to different blockchain networks being utilized.
The city is committed to creating a standardized blockchain framework compatible with international networks such as Ethereum and Cosmos. This move aligns with the ongoing initiatives by the Korea Internet and Security Agency (KISA) to build a reliable blockchain ecosystem.
The city aims to kick off operations in the early part of 2024. Unlike typical exchanges that start off with digital currencies or security tokens, Busan’s platform will initially facilitate blockchain transactions involving physical assets like gold, silver, copper, and oil.
Busan Digital Asset Exchange
The Busan Digital Asset Exchange To enable these operations, Busan intends to leverage its existing logistics and certification infrastructures. Moreover, there's a vision to broaden the range of options in the future to include tokenized global intellectual property rights and carbon credits.
The Blockchain Innovation Fund (BBF) is now in place to back these efforts, with funding coming from the city's financial institutions.
This fund plans to attract private investment by creating sub-funds tailored to various business opportunities, and it will be overseen by a management committee to ensure transparency with participation from its majority members.
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In line with the Trust Project guidelines Nik is a seasoned analyst and writer at Metaverse Post, providing the latest insights on technological advancements, especially in the realms of AI/ML, XR, VR, blockchain analytics, and development. His work captivates and educates a wide audience, helping them keep pace with evolving technology. Armed with a Master's in Economics and Management, Nik comprehends the intricacies of business and its intersection with new technologies.
