Busan Aims to Become a Global Blockchain Hub
In an unprecedented move, Busan, South Korea’s major port city, is striving to establish itself as a global blockchain hub. The city plans to launch its own Ethereum-compatible mainnet and seamlessly integrate blockchain technology into its public services.
Integrating Blockchain Technology into Public Services
Reports have emerged about Busan’s initiative to incorporate blockchain technology into its public services. The city has previously explored blockchain-based projects, such as non-pass and digital vouchers. The new mainnet will consolidate these services and ensure compatibility with global blockchain platforms like Ethereum and Cosmos.
Tokenizing Commodities for Trade
Busan Port will play a vital role in the city’s blockchain aspirations. Assets like gold, silver, copper, and crude oil will be tokenized for trade. Existing infrastructure such as logistics warehouses and certification schemes will be utilized to facilitate these transactions.
Becoming a Blockchain City
Busan aims to establish itself as a “blockchain city” and develop the Busan Digital Asset Exchange. Initially focusing on tangible commodities like precious metals and raw materials, the exchange will expand over time to handle virtual assets, token securities, and other digital assets.
Promoting Innovation through Funding and Collaboration
To support these initiatives, Busan City has announced the creation of the BBF (Blockchain Innovation Fund), which aims to secure over 1 trillion won in business capital. Additionally, the city will launch the Busan Block Alliance (BBA), a consortium of corporations dedicated to realizing the vision of a “blockchain city.”
Potential Global Impact of Busan’s Initiative
If successful, Busan’s efforts could set a precedent for other cities worldwide to integrate blockchain technology into their public services. This initiative has the potential to educate the general public about the benefits of blockchain technology.
Hot Take: Busan’s Ambitious Move towards Blockchain Innovation
Busan, South Korea’s second largest city, is making waves in the blockchain industry with its ambitious plans to become a global hub. By launching an Ethereum-compatible mainnet and integrating blockchain into public services, Busan aims to lead the way in blockchain adoption. The tokenization of commodities through Busan Port and the establishment of the Busan Digital Asset Exchange highlight the city’s commitment to innovation. Backed by the BBF and collaboration through the BBA, Busan is well-positioned to succeed in its mission. If successful, this initiative could inspire cities worldwide to explore blockchain technology and its potential benefits.
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