Busan's Blockchain Investment In Sync With Ethereum And Cosmos

The Busan city administration invests $75 million to create a universal blockchain system, ensuring easy integration with leading networks like Ethereum and Cosmos.

South Korea is a forward-thinking adopter of blockchain technology.

South Korea's bustling city, Busan, has earmarked approximately 100 billion South Korean won (equivalent to around $75 million) to spearhead the development of a globally standardized blockchain platform, as covered by local media.

Aiming For Seamless Integration

Busan's Distributed Ledger Technology (DLT) system is primed to be initially aligned with major blockchain solutions, including Ethereum and Cosmos. Such synchronization ensures the city's blockchain frameworks can be smoothly blended with international DLT architectures.

To further bolster this ambitious initiative, the Blockchain Innovation Fund (BIF) is set to play a pivotal role. Operated by Busan's key financial and governmental bodies, BIF is devoted to nurturing the city's blossoming blockchain sector. A testament to the project's viability is the eager anticipation of over 100 regional private enterprises, showcasing their keen involvement.

Busan's Blockchain Plan
Busan's Blockchain Plan

Past Endeavors And Future Vision

One city official highlighted the municipality's experiments with blockchain utility within its commercial enclave. These pilot ventures spanned various DLT ecosystems, inadvertently leading to challenges in establishing broad technology adoption. This realization steered the city's decision to pioneer a unified public blockchain infrastructure, resonating with international benchmarks.

Extending the vision beyond immediate blockchain alignment, Busan also hopes to launch the Busan Digital Asset Exchange by the first half of 2024. The platform is set to feature a plethora of digital commodities, encapsulating tokenized securities, intellectual assets, tangible goods like precious metals, and even carbon emission credentials.

This initiative underscores South Korea's commitment to embedding blockchain solutions into the fabric of its society and economy. Such implementations already span digital identity verification for both civilians and military personnel and also encapsulate online balloting systems.

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