South Korea's second largest city, Busan, is developing a public blockchain network compatible with major blockchain platforms such as Ethereum and Cosmos. The goal is to integrate blockchain-based services from various blockchain networks into a single platform at the city level and transform Busan into a blockchain city.
The city of Busan has allocated a budget of KRW 100 bln (USD 75 mln) to develop an open blockchain compatible with global standards under the Blockchain Innovation Fund (BIF). The funds will be raised through investments from Busan government financial institutions, with about 100 private companies expressing interest. BIF is a private foundation that supports the development of the blockchain industry and infrastructure construction in Busan, led by Busan's financial and government institutions.
The long-term blockchain development plan also includes the development of the Busan Digital Asset Exchange in the first half of 2024. The digital exchange will list not only digital assets, but also tokenized securities, including precious metals and raw materials such as gold, copper, and oil. In the future, the project administration intends to tokenize and trade global intellectual property rights and carbon emissions rights.