December 2, 2023

The authorities of South Korean Busan are developing a platform compatible with several blockchains

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The authorities of South Korean Busan are developing a platform compatible with several blockchains

City Hall of the South Korean city of Busanallocated 100 billion Korean won ($75 million) for a single open platform compatible with different blockchains such as Ethereum and Cosmos. Officials promise to turn Busan into a “blockchain city.”

Funds are raised through investmentsgovernment financial institutions. About 100 private companies have also expressed interest in the development. The proposal was supported by the private Blockchain Innovation Fund (BIF), which supports the development of blockchain infrastructure in Busan.

Local authorities have been actively testing variousoptions for using blockchain in a local free trade zone. However, most of these projects involved different blockchains, which is not very convenient for business. This was one of the main reasons why the Busan administration decided to create an open platform compatible with several major blockchains.

The mayor's office is involved in the creation of a technologicalBlockchain Trust Framework standard under the guidance of Korea Internet & Security (KISA). The project is aimed at improving the quality of service for users of public services.

The long-term blockchain development plan includesincludes the opening of the Busan Digital Asset Exchange in the first half of 2024. It is expected that not only digital assets, but also tokenized securities, precious metals, and commodities will be placed on the exchange. In the future, the organizers of such projects are going to tokenize and sell international intellectual property rights, as well as rights to carbon dioxide emissions.

Already in 2020, Busan residents gained accessto government services through a blockchain-based application. Last year, local authorities entered into an agreement with cryptocurrency exchange Binance to develop city infrastructure.