South Korea’s Busan to Launch Public Blockchain as Part of 'Blockchain City' Initiative

Summary

• Busan is developing a public blockchain to consolidate various blockchain-based services onto a single platform, ensuring compatibility with global blockchain mainnets like Ethereum and Cosmos.
• The city is also collaborating with the Korea Internet & Security Agency (KISA) to establish the blockchain trust framework (BTF) technology standard to improve the quality and security of both private and public services.

Busan, South Korea’s second-largest city, is paving the way for a digital revolution by developing a public blockchain, according to local sources. This ambitious project aims to consolidate various blockchain-based services onto a single platform, ensuring compatibility with global blockchain mainnets like Ethereum and Cosmos.

The announcement, made as part of the 'Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule,' signifies the city's commitment to becoming a 'Blockchain City.' 

One of the primary motivations behind this initiative is to enhance user experience. Previously, different blockchain mainnets were employed for various projects within Busan City, resulting in inconvenience for users. To address this issue, Busan City plans to develop a mainnet that not only aligns with global standards but also caters to open accessibility, mirroring Ethereum and Cosmos.

Furthermore, Busan City is collaborating with the Korea Internet & Security Agency (KISA) to establish the blockchain trust framework (BTF) technology standard. This framework will not only improve the quality and security of private services but also be integrated into public services within Busan City.

As Busan forges ahead in its journey to becoming a 'Blockchain City,' a 100 billion won fund has been created, underlining the city's commitment to innovation and progress. The city will launch the Digital Asset Exchange in the first half of 2024.