Busan Sets Sights on Blockchain Leadership through Upcoming Initiatives
In Brief
Busan plans a 2024 launch for its blockchain network and digital asset exchange, backed by a $75 million fund.
South Korea‘s second-largest city, Busan, is ambitiously developing a city-wide blockchain network. The initiative aims to create a seamless blockchain experience by integrating multiple networks into a single platform.
This project seeks to harmonize local services with renowned global blockchains like Ethereum and Cosmos, offering a streamlined user experience.
Setting the Stage for Blockchain City
The Busan administration unveiled its “Busan Digital Asset Exchange Establishment Promotion Plan and Future Plan.” This comprehensive strategy aims to make Busan a ‘Blockchain City’ centered around a new digital asset exchange.
To fuel these developments, the city has established a Blockchain Innovation Fund worth 100 billion won (approximately 75 million USD).
Busan isn’t new to blockchain technology; it’s been a regulation-free zone where various projects like B-Pass and digital vouchers already exist. However, these projects were operating on different blockchain networks, leading to a fragmented user experience.
The city is actively working to establish a unified blockchain standard that will be compatible with global blockchains such as Ethereum and Cosmos. This initiative is in line with Korea Internet and Security Agency’s (KISA) ongoing efforts to develop a blockchain trust structure.
Busan Digital Asset Exchange
The Busan Digital Asset Exchange plans to start operations in the first half of 2024. Unlike other exchanges that kickstart with virtual assets or security tokens, Busan’s platform will initially offer blockchain-based transactions for real-world commodities like gold, silver, copper and oil.
The city aims to utilize existing local infrastructure like logistics warehouses and certification systems to facilitate these transactions. Additionally, the exchange plans to expand its offerings to include tokenized global intellectual property (IP) and carbon rights in the future.
The Blockchain Innovation Fund (BBF) now exists to financially support these initiatives, with investments from Busan’s governmental financial institutions.
The fund aims to leverage private capital by establishing sub-funds tailored for different business ventures. Governed by a management committee, the fund aims to maintain transparency by including recommendations from a majority of the committee members.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
