What Steps is Busan Taking to Become a Blockchain City

<p>Cities all over
the world are competing to become blockchain innovation hotspots. Busan, South
Korea, is one such city that has been proactive in its efforts to establish
itself as a premier blockchain city. </p><p>Busan's
Grandiose Vision</p><p>Busan, the
second-largest city in South Korea and a major port, is noted for its thriving
economy and technical breakthroughs. Its goal is to become a global blockchain
city by embracing this cutting-edge technology across multiple sectors. The
municipal administration sees a future in which blockchain is incorporated into
daily life, from government services to logistics, healthcare, and finance.</p><p>It has since drawn
up a thorough strategy to realize this ambition, which includes collaborating
with blockchain businesses, building a blockchain-friendly regulatory
environment, and boosting blockchain education and research. These projects are
designed to <a href="https://www.financemagnates.com/cryptocurrency/news/binance-and-the-city-of-busan-partner-to-boost-blockchain-adoption/" target="_blank" rel="follow">establish Busan as a global leader in blockchain technology and
innovation</a>.</p><p>Busan
Embarks on Ethereum-Compatible Blockchain Mainnet</p><p>Busan is
venturing into the realm of blockchain technology by developing a public
blockchain network compatible with well-established blockchain platforms like
Ethereum and Cosmos. The initiative aims to consolidate blockchain-based
services from various mainnets onto a unified platform at the city level,
ultimately transforming Busan into a full-fledged blockchain city.</p><p>Busan City <a href="https://www.binance.com/en/feed/post/1184978">has allocated a substantial
budget of 100 billion Korean won</a> (equivalent to $75 million) for open
blockchain development adhering to global standards. This financial backing
will come from investments contributed by public financial institutions in
Busan, with significant interest already expressed by around 100 private
companies. The project is managed under the Blockchain Innovation Fund, a
private fund dedicated to bolstering Busan's blockchain industry and
infrastructure, led by both financial and public institutions within the city.</p><p>This public
blockchain development falls under the Busan Digital Asset Exchange
Establishment Promotion Plan and Future Schedule plan, emphasizing Busan's
ambition to solidify its position as a blockchain city.</p><p>Busan City has
previously explored various use cases of blockchain technology in its
trade-free zone; however, most of these ventures were carried out on different
blockchains, leading to a somewhat disjointed experience for businesses. This
challenge led the city administration to focus on creating a public blockchain
network compatible with global counterparts like Ethereum.</p><p>The city is now
actively involved in the establishment of the Blockchain Trust Framework
technology standard, spearheaded by the Korea Internet &amp; Security Agency.
The project aims to enhance the quality of private services, foster service
interoperability, and define criteria for blockchain technical systems,
performance, and security levels. These standards will be applicable to public
services within Busan City.</p><p>The long-term
vision for blockchain development includes the launch of the Busan digital
asset exchange in the first half of 2024. This exchange will not only feature
digital assets but also offer tokenized securities, including precious metals
and raw materials such as gold, copper, and oil. The city's future plans involve
tokenizing and trading global intellectual property rights and carbon emissions
rights.</p><p>Blockchain
Compliance and Regulation</p><p>The construction
of a clear regulatory framework for blockchain and cryptocurrency-related firms
is one of the critical steps Busan is doing to become a blockchain city. The
municipal government is collaborating with national authorities to develop
policies that strike a balance between encouraging innovation and protecting
consumers.</p><p>Busan hopes to
attract blockchain companies and enterprises looking for a stable environment
to operate and flourish by providing legal clarity and regulatory compliance
rules. This proactive initiative demonstrates the city's dedication to becoming
a worldwide blockchain powerhouse.</p><p>Zones of
Blockchain Innovation</p><p>Busan is
establishing "Blockchain Innovation Zones" where blockchain startups
and businesses can thrive. These zones are intended to provide infrastructure,
resources, and a supportive ecosystem to enterprises that are suited to the
needs of blockchain entrepreneurs.</p><p>The creation of
these innovation zones promotes the expansion of blockchain-related businesses,
fosters collaboration, and attracts talent to Busan. These zones act as
blockchain research and development hubs, keeping Busan at the forefront of
blockchain technology.</p><p>Assistance
for Blockchain Startups</p><p>Busan is
actively promoting blockchain businesses through numerous measures to feed its
blockchain objectives. To foster budding blockchain startups, the local
government offers financial incentives, subsidies, and co-working spaces. This
assistance strives to foster an atmosphere in which companies can develop and
grow.</p><p>In addition,
Busan sponsors blockchain-focused events and competitions, such as hackathons
and pitch challenges, in order to uncover and highlight promising blockchain
projects. These initiatives not only assist businesses in gaining visibility,
but also in networking and collaboration within the blockchain ecosystem.</p><p>Blockchain
Research and Education</p><p>Busan is
investing in blockchain education and research in order to cultivate a trained
workforce and stimulate innovation. To offer blockchain courses, training
programs, and academic degrees, the city has partnered with universities and
research institutions. These educational options help students and
professionals become ready for careers in blockchain-related sectors.</p><p>Furthermore,
Busan is aggressively encouraging blockchain technology research and
development. The city hopes to contribute to the advancement of blockchain
technologies that can address real-world concerns by funding research
initiatives and collaborating with universities.</p><p>Blockchain
in Government Services</p><p>Adoption of
blockchain technology in public services is a critical component of Busan's
blockchain city concept. The city administration is investigating the use of
blockchain for administrative purposes such as document verification, public
records management, and voting systems.</p><p>Busan hopes to
promote transparency, eliminate bureaucracy, and increase the efficiency of
government operations by integrating blockchain in public services. These
efforts not only demonstrate the practical applications of blockchain, but they
also serve as a model for other towns to emulate.</p><p>Logistics
Powered by Blockchain</p><p>Busan, as a
major port city, is also utilizing blockchain technology to improve logistics
and international trade. The city's port administration is looking into
blockchain-based solutions to improve supply chain transparency, decrease
paperwork, and ensure the seamless movement of products.</p><p>Busan may
present itself as a more efficient and appealing destination for international
trade by digitizing and safeguarding trade-related data on a blockchain. This
endeavor is in line with the larger goal of establishing a global logistics and
trade hub powered by blockchain.</p><p>Healthcare
Powered by Blockchain</p><p>Busan is
embracing blockchain technology in the healthcare sector to better patient data
management and healthcare services. The city hopes to improve patient privacy
and data security by embracing blockchain for medical records and data sharing.</p><p>Furthermore,
blockchain can improve healthcare system interoperability by enabling for the
easy interchange of medical information among healthcare providers. This effort
has the potential to improve Busan's healthcare outcomes and patient
experiences.</p><p>Collaboration
on a Global Scale</p><p>Busan is
actively pursuing international collaboration and collaborations, recognizing
the global nature of blockchain technology. The city has formed partnerships
with other blockchain-friendly communities and areas around the world,
promoting a network of innovation and knowledge sharing.</p><p>Busan may
benefit from this cooperation by learning from best practices, sharing ideas,
and attracting foreign talent and investments. Busan strengthens its position
as a key actor in the global blockchain ecosystem by forging strong
international ties.</p><p>Conclusion</p><p>Busan's path to
becoming a blockchain city is marked by a diverse approach that includes
policy, innovation, education, and collaboration. The city's proactive approach
to blockchain technology illustrates its dedication to cultivating a healthy
blockchain ecosystem that benefits businesses, citizens, and the greater
economy.</p><p>As Busan
advances in blockchain adoption and innovation, it serves as a model for other
cities seeking to embrace this disruptive technology. Busan views itself as a
leading global blockchain hub, prepared for a future in which blockchain is an
intrinsic part of everyday life, by building a blockchain-friendly atmosphere,
fostering businesses, and integrating blockchain into diverse sectors.</p>

This article was written by Pedro Ferreira at www.financemagnates.com.