Busan City Starts Developing Public Blockchain Network

Busan, is developing a public blockchain network (photo: twitter @Olivia_smith29)

JAKARTA - The second largest city in South Korea, Busan, is developing a public blockchain network compatible with major blockchain platforms such as Ethereum and Cosmos. The goal is to integrate blockchain-based services from various mainnet blockchains into one platform at the city level and develop Busan into a blockchain city.

The Busan City Government has allocated a budget of 100 billion Korean won (Rp1.1 trillion) for the development of open blockchain compatible with global standards under the Blockchain Innovation Fund (Blockchain Innovation Fund/BIF).

These funds will be obtained through investment from public financial institutions in Busan, with nearly 100 private companies showing interest. BIF is a private fund that supports the development of the Busan blockchain industry and infrastructure construction, led by financial and public institutions in Busan.

The development of public blockchain is carried out within the framework of Promotion Plan for the Establishment of the Busan Digital Asset Exchange and future schedule plans, focusing on making Busan a blockchain city.

The official announcement notes that the Busan City Government has actively tested various cases of using blockchain technology in its free trade zone. However, most of these projects were carried out on different blockchains, resulting in an "uncomfortable" experience for businesses.

This is one of the main reasons why city administration has decided to focus on developing public blockchain at the city level compatible with global blockchain networks like Ethereum.

Kota Busan juga terlibat dalam proses pembentukan standar teknologi Kebekat Percayat Blockchain yang dilakukan oleh Korea Internet & Security Agency.

This project aims to improve the quality of personal services and encourage interconnection between services by setting requirements such as blockchain technical systems, performance, and security levels. This standard will also be used for public services in Busan City.

The long-term blockchain development plan also includes the development of the Busan digital asset exchange in the first half of 2024. This digital exchange will not only list digital assets but also tokenized securities, including precious metals and raw materials such as gold, copper, and oil.

In the future, those managing the project aim to tokenize and trade global intellectual property rights and carbon emission rights.