Busan Develops Its Own Blockchain Mainnet
Busan, South Korea’s second-largest city, is taking steps to become a “Blockchain City” by developing its own blockchain mainnet. Alongside this development, the city plans to establish the Busan Digital Asset Exchange, which is scheduled to launch in November. The process involves selecting a business entity through a public selection process in October and finalizing the establishment of the corporation. The selected consortium will present a detailed business plan during the ‘BWB 2023’ event in November.
The Role of the Busan Digital Asset Exchange
The Busan Digital Asset Exchange, announced in December last year, aims to facilitate blockchain-based transactions for physical goods like precious metals and raw materials. By using tokens, these transactions will be more transparent and efficient. The exchange will convert gold, silver, copper, and crude oil traded through Busan Port into tokens that can be traded on the blockchain. Existing facilities and certification systems in the city will be utilized to enhance transparency.
Setting Standards for Enhanced Blockchain Services
In addition to developing the mainnet and digital asset exchange, Busan is working on technology standards called the Blockchain Trust Framework (BTF). The Korea Internet & Security Agency (KISA) is guiding this development. The BTF aims to improve private services’ quality and enhance connectivity between services. These standards will also apply to public services within the city, solidifying Busan’s position as a hub for blockchain technology.
Looking Ahead to Global Growth
Busan has ambitious plans for future growth in the blockchain industry. It intends to extend tokenization to include worldwide intellectual property rights and carbon emissions rights. Ultimately, it aims to expand into token securities. Additionally, Busan plans to establish the Busan Blockchain Alliance (BBA) to foster blockchain innovation and further its vision as a “Blockchain City.” The BBA will introduce 100 participating companies at the ‘BWB 2023’ event.
Hot Take: Busan Paves the Way for Blockchain Innovation
Busan’s efforts to develop its own blockchain mainnet, establish a digital asset exchange, and set technology standards demonstrate its commitment to becoming a leading city in the blockchain industry. By creating a transparent and efficient platform for blockchain-based transactions, Busan aims to enhance trade and promote innovation. With plans to expand tokenization and establish the Busan Blockchain Alliance, the city is poised for global growth in the blockchain sector. Busan’s initiatives could inspire other cities worldwide to embrace blockchain technology and explore its potential applications.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.