Busan, ranking as South Korea’s second-largest metropolis, is orchestrating the conception of a public blockchain network, one in harmonious existence with predominant blockchain infrastructures, Ethereum and Cosmos being notable mentions. The objective harbors aspirations to conglomerate services, rooted in blockchain, from divergent mainnets into one consolidated platform on an urban scale, thus fostering the metamorphosis of Busan into a Blockchain City.
The city of Busan has earmarked a budget of 100 billion Korean won (equivalent to $75 million), dedicated to the fruition of an open blockchain evolution, aligning with international benchmarks, all under the auspices of the Blockchain Innovation Fund (BIF). The procurement of such funds is envisaged through the channel of investments sourced from public financial entities within Busan, with the intrigue of nearly a hundred private enterprises manifesting. BIF, inherently a private reservoir of funds, is envisioned to spearhead the propagation of the blockchain sector within Busan, along with infrastructural genesis, with the stewardship of the city’s financial and public bodies.
This pursuit of public blockchain concoction is enveloped within the strategic frameworks of the Busan Digital Asset Exchange Establishment Promotion Plan and the prospective schematics, all converging towards the envisioning of Busan as a city synonymous with blockchain.
Official proclamations elucidate that Busan City has been a proactive entity in piloting a plethora of blockchain technology applications within its commerce-exempt zones. Nonetheless, the disparate nature of the blockchains utilized for these initiatives has precipitated a fragmented and suboptimal experience for commercial entities, serving as a pivotal catalyst for the administration to advocate for a city-level public blockchain harmonious with global blockchain conglomerates, Ethereum being a case in point.
Busan Blockchain City Development Plan. Source: News1
Additionally, Busan City is immersing itself in the formulation of the Blockchain Trust Framework technology standard, a venture overseen by the Korea Internet & Security Agency.
This undertaking is meticulously designed to elevate the caliber of private services and foster symbiotic interactions amongst diverse services, by imposing requisites pertaining to blockchain technical structure, operational proficiency, and the echelon of security. This standardized criterion is also poised to be integrated into the public services landscape within the confines of Busan City.
The extensive blockchain developmental trajectory encompasses the manifestation of the Busan digital asset exchange slated for the initial segment of 2024. This exchange is projected not merely as a listing podium for digital assets but also as a conduit for tokenized securities, incorporating valuable metals and primal resources, the likes of gold, copper, and oil, into its spectrum. Looking towards the horizon, the administrative entities steering these projects harbor ambitions to tokenize and facilitate the exchange of global intellectual property rights and carbon emission rights.
