Busan Aims High: From South Korea’s Coastal Gem to a Global Blockchain City!

Busan Aims High: From South Korea’s Coastal Gem to a Global Blockchain City!

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📰 Yello Paradisers! Dive into the Blockchain Wave with Busan:

South Korea’s picturesque city, Busan, isn’t just about beaches and seafood anymore. The city is on a mission to morph into a global ‘Blockchain City’. How? By developing a public blockchain network that’s in sync with major platforms like Ethereum and Cosmos.

📰 The Investment Game

Busan isn’t holding back on its blockchain dreams. The city has earmarked a whopping 100 billion won (around $75 million) for the development of an open blockchain that aligns with global standards. This is all under the umbrella of the Blockchain Innovation Fund (BIF). And guess what? Almost 100 private companies are already on board!

📰 Why This Move?

Busan has been dabbling with blockchain tech in its trade-free zone. But there was a hiccup. Different projects were on different blockchains, making things a tad bit chaotic for businesses. The solution? A city-level public blockchain that’s compatible with the big players like Ethereum.

📰 More Than Just Blockchain

Busan is also setting its sights on establishing the blockchain trust framework (BTF) tech standard, in collaboration with the Korea Internet & Security Agency (KISA). The goal? Enhance the quality of private services and foster better interconnectivity.

📰 The Future Looks Digital

Busan’s long-term vision includes launching the Busan digital asset exchange by the first half of 2024. This isn’t just any exchange. It’ll list virtual assets, tokenized securities, and even raw materials like gold and oil. And if that wasn’t ambitious enough, they’re also looking to tokenize and trade global intellectual property rights and carbon emissions rights.

📰 Wrapping Up

Busan is on a transformative journey, aiming to blend its cultural charm with cutting-edge blockchain tech. It’s a bold move, and we’re here for it! Stay tuned for more updates from the world of crypto and blockchain, Paradisers!

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