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Cities worldwide are increasingly seeking to use emerging technologies to improve their citizens’ quality of life and optimize urban services. Among these technologies, blockchain stands out as a powerful tool to bolster security, transparency, and operational efficiency.
Blockchain technology has garnered significant attention as cities recognize its potential in various domains, including supply chain management, voting systems, and energy consumption optimization. Busan, South Korea, for one, has emerged as a frontrunner in the race to establish itself as a blockchain innovation hub.
With its thriving economy and technological advancements, Busan aims to become a global blockchain city, integrating this cutting-edge technology into various sectors such as government services, logistics, healthcare, and finance.
Busan is paving the way to becoming a leader in blockchain technology and innovation through collaboration with blockchain businesses, creating a supportive regulatory environment, and focusing on education and research.
Busan Unveils Ethereum-Compatible Blockchain Mainnet
Last month, Busan unveiled its plans to develop a public blockchain network compatible with mainstream platforms like Ethereum (ETH) and Cosmos. The goal is to consolidate blockchain-based services from different mainnets onto a single platform at the city level, effectively propelling Busan toward its objective of becoming a blockchain city.
With a budget of 100 billion Korean won ($75 million) allocated from the Blockchain Innovation Fund (BIF), Busan aims to attract both public and private investment to support the development of its blockchain industry and infrastructure.
😲 South Korea’s second-largest city, Busan, is developing a public blockchain network compatible with mainstream blockchain platforms, such as Ethereum and Cosmos. The aim is to integrate blockchain-based services onto a single platform at the city lev into a blockchain city.
— S (@cryptohft1) September 21, 2023
The public blockchain development is being done under the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan, focusing on making Busan a blockchain city. However, the city has also taken other measures to achieve this goal.
Busan Launches Numerous Blockchain Initiatives
Busan has launched numerous blockchain initiatives aimed at promoting the technology in the city. For one, it has created “Blockchain Innovation Zones” to support and foster blockchain startups and businesses.
These dedicated zones offer the necessary infrastructure, resources, and an ecosystem tailored to the needs of blockchain entrepreneurs. Busan aims to facilitate collaboration, attract talent, and promote the expansion of blockchain-related businesses by establishing these innovation hubs.
In its effort to nurture blockchain startups, the city provides various forms of assistance, including financial incentives, subsidies, and co-working spaces. The local government sponsors blockchain-focused events and competitions, creating opportunities for promising projects to gain visibility.
Furthermore, Busan is focused on creating a clear regulatory framework for blockchain and cryptocurrency-related firms to establish itself as a blockchain hub. The municipal government is working with national authorities to balance fostering innovation and safeguarding consumer protection.
Busan Invests in Blockchain Research and Education
Busan has made substantial investments in blockchain education and research, recognizing the importance of producing a skilled workforce. The city has collaborated with universities and research institutions, offering blockchain courses, training programs, and academic degrees to prepare students and professionals for careers in blockchain-related sectors.
Additionally, Busan has funded research initiatives and partnered with universities to advance blockchain technologies that address real-world challenges. The city has also attracted help from major crypto players, including crypto exchanges Binance and Huobi, to boost the development of its blockchain environment.
Huobi Global has partnered with the South Korean city of Busan to develop the region's blockchain ecosystem.The partnership will see the company provide research and development, technology and financial support for the Busan Digital Exchange. pic.twitter.com/CQtr6S1TYT
— Holpop (@HolpopNews) September 15, 2022
Moreover, the city has been forging alliances with other blockchain-friendly communities worldwide. These collaborations enable Busan to learn from best practices, exchange ideas, and attract foreign talent and investments, solidifying its position as a critical player in the global blockchain ecosystem.
Busan Explores Blockchain in Government Services and Healthcare
The city administration is exploring the use of blockchain for several government services, including document verification, public records management, and voting systems.
Busan also utilizes blockchain to enhance logistics and international trade as a major port city. The city seeks to digitize trade-related data on a blockchain, which can help improve supply chain transparency, reduce paperwork, and facilitate seamless product movement.
In the healthcare sector, Busan has embraced blockchain for medical records and data sharing. This not only allows for a faster and more efficient data-sharing method but also helps improve patient privacy and data security.
The Bottom Line
As Busan continues to advance in blockchain adoption and innovation, it serves as a model for other cities aspiring to harness the potential of this transformative technology. With a blockchain-friendly environment, a supportive regulatory framework, and integration across multiple sectors, the city is well on its way to realizing its vision of becoming a leading global blockchain hub.
