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Busan is creating an Ethereum-compatible mainnet to establish itself as a ‘Blockchain City.’
Busan, the second-largest city in South Korea, is in the process of creating a public blockchain network that is compatible with leading blockchain platforms like Ethereum and Cosmos. The objective is to consolidate blockchain-based services from various mainnets into a unified platform at the municipal level, thereby transforming Busan into a blockchain city.
The city of Busan has set aside a budget of 100 billion Korean won ($75 million) for the development of an open blockchain that aligns with international standards, facilitated by the Blockchain Innovation Fund (BIF). This funding will be sourced through investments from public financial institutions in Busan, with nearly 100 private companies expressing interest. The BIF is a private fund aimed at fostering the growth of Busan’s blockchain sector and infrastructure, spearheaded by financial and public entities in the city.
The initiative for public blockchain development is part of the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule, concentrating on the goal of establishing Busan as a blockchain city.
Busan Blockchain City Development Plan. Source: News1
The official statement highlighted that Busan City has been actively experimenting with various blockchain technology use cases within its trade-free zone; however, many of these initiatives were executed on separate blockchains, leading to an “uncomfortable” experience for businesses. This was a significant factor prompting the city administration to focus on a public blockchain at the municipal level that is compatible with global blockchain networks like Ethereum.
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Busan City is also participating in the establishment of the Blockchain Trust Framework technology standard, which is being conducted by the Korea Internet & Security Agency.
The project aims to enhance the quality of private services and promote interconnectivity between services by outlining requirements such as blockchain technical systems, performance, and security levels. This standard will also be applied to public services within Busan City.
The long-term blockchain development strategy includes the establishment of the Busan digital asset exchange in the first half of 2024. This digital exchange will not only feature digital assets but also tokenized securities, including precious metals and raw materials like gold, copper, and oil. In the future, the administration overseeing these projects intends to tokenize and trade global intellectual property rights and carbon emissions rights.
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