Busan City is on the cusp of a technological revolution, embarking on an ambitious journey to construct a blockchain mainnet at the municipal level. This forward-looking initiative aims to consolidate blockchain-based services from various mainnets onto a unified platform, ensuring compatibility with major players in the blockchain arena such as Ethereum and Cosmos.
A Bold Declaration: Busan’s Commitment to Blockchain
The declaration of Busan City’s intent to foster blockchain mainnet development comes as part of the “Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule.” This plan outlines a medium to long-term strategy, highlighting the city’s dedication to becoming a prominent player in the blockchain landscape.
Innovation in the Making: The Blockchain Innovation Fund
Not content with mere intentions, Busan City is taking concrete steps towards transforming itself into a “Blockchain City” centered around the Busan Digital Asset Exchange. A pivotal component of this transformation is the establishment of a Blockchain Innovation Fund. This fund will play a crucial role in fostering blockchain projects and bolstering Busan’s position as a hub of blockchain innovation.
Learning from Experience: Addressing User Experience
Busan City’s venture into the blockchain realm was not without its challenges. While pioneering projects like B-Pass and digital vouchers showcased the city’s commitment to blockchain technology, the use of multiple blockchain mainnets for various purposes led to a suboptimal user experience. Recognizing this, Busan City made a strategic decision to create its own mainnet, setting a new local standard for blockchain usability.
The Vision of an Open Blockchain: Similarities to Ethereum and Cosmos
Busan’s aspiration is to develop an “open blockchain” akin to renowned platforms like Ethereum and Cosmos. Such public blockchains are celebrated for their transparency, allowing anyone to access transaction data. By adopting this approach, Busan City not only aims to enhance trust but also aligns with the Korea Internet and Security Agency’s efforts to establish blockchain trust framework (BTF) technology standards. These standards encompass technical requirements, performance benchmarks, and security levels, all aimed at elevating the quality of private services and fostering seamless service connectivity.
Fueling Growth: The Blockchain Innovation Fund (BBF)
In its pursuit of becoming a blockchain powerhouse, Busan City is propelling the creation of a blockchain innovation fund (BBF). This private fund, supported by local financial and governmental institutions, is geared toward infrastructure development and the growth of Busan’s burgeoning blockchain industry. The ambitious objective is to secure over 100 billion won in funding, igniting a new era of blockchain innovation in the city.
Conclusion: Busan City’s Technological Odyssey
Busan City’s bold step toward creating its own blockchain mainnet is a testament to its commitment to technological progress. As it paves the way for a more streamlined and efficient blockchain ecosystem, Busan stands poised to become a beacon of innovation in the world of blockchain technology. The journey has begun, and the world watches with anticipation to see what Busan City’s blockchain future holds.