The South Korean city will create a public blockchain network with funds from the Blockchain Innovation Fund, aiming to become a blockchain city.
South Korea’s pro-crypto actions have been ample in recent times. From collaborating with partners like Samsung to stablecoin projects, the country is striving to become a crypto hub. Its latest expedition includes trying to convert the city of Busan into a blockchain city.
According to reports, Busan plans to use $75 million from the Blockchain Innovation Fund to create a public blockchain network. The mainnet would be compatible with other networks, such as Ethereum. It plans to become a blockchain city by enabling multiple services from blockchain networks into a single platform.
Various companies will participate in the fundraising process for the project, along with public financial institutions. Meanwhile, the development of the blockchain network will occur under the Future Schedule plan and the Busan Digital Asset Exchange Establishment Promotion Plan.
Busan has already been testing various blockchain networks in its trade-free zone. However, businesses could have faced interoperability issues from the multiple networks. Therefore, a public blockchain in Busan could help for the convenience of all stakeholders.
Other plans for the city include developing a standards framework for blockchain services and the Busan digital asset exchange. The exchange would be established by November, with the 2024 first half as the target for full-scale operations.
It also plans to create a ‘Busan Blockchain Alliance’ with a special focus on increasing blockchain cooperation. The city administration was quoted saying in a translated version of a report as, “We will promote the Busan Blockchain Regulation-Free Special Zone to a global innovation special zone and actively support the overseas expansion of innovative companies proven in Busan.”