South Korea Turns Busan Into A Blockchain City
Busan aims to become a blockchain city by launching an Ethereum-based blockchain network. The main goal of the project is to integrate all blockchain-based services into one unified city platform.
Busan can truly be called the city of the future, as the local government intends to develop a public blockchain space in the city. The initiative has received $75 million from various public financial institutions in Busan as part of the Blockchain Innovation Fund, which supports blockchain development and infrastructure in the city.
One of the key reasons for creating a unified platform to support public blockchain was that the development of blockchain projects in Busan was carried out on different networks, which was inconvenient for doing business. And Busan`s government wants to make it easier.
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In addition to plans to build a public blockchain network based on Ethereum, Busan is actively participating in the process of creating the Blockchain Trust Framework technology standard. The Blockchain Trust Framework is dedicated to improving the quality of services, including blockchain operation and security. The finished standard will be used to provide services in Busan.