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Blockchain To Busan? Can The City Become The Center Of Global Digital Innovation?

Blockchain To Busan? Can The City Become The Center Of Global Digital Innovation?

Busan’s upcoming Blockchain projects were discussed and analyzed at the 12th World Blockchain Summit ‘MARVELS’ on Wednesday by several industry leaders who gathered to gauge the city’s potential to inaugurate a global digital information ecosystem.

Industry Leaders At Event Scope Out Busan’s Future 

One of the more notable names present at the WBS MARVELS was Shin Chang-ho, the Director of the Future Industry Bureau of Busan Metropolitan City and the keynote speaker. He spoke at length about how blockchain has been channeled into growing the prospects of the city. 

“The city has supported blockchain projects to test their technologies and services without much concern about the regulations.”

In the first session of the meet, Blockchain Special Zone Busan: Vision and Issues, the notable industry leaders participating were Lee Ju Hyeong (Director of Digitial Finance Division, Busan Bank), Park Hyo Jin (VP of Sejong Telecom), Oh Jeong Geun (Chairman of the Korean Institute of Finance ICT Convergence), and In Ho (Prof. Korea University, Director of the Global FinTech Researcher Digital Currency Center).

Free From Regulations, Busan Can Nurture Blockchain Tech

Back in July 2019, the Ministry of SMEs and Startups designated Busan as a regulation-free zone, with a purpose to cultivate blockchain technologies that focussed on logistics, tourism, public safety, and finance. Thanks to the efforts made by the government and financial companies, blockchain technology in Busan has become an irreversible mainstream. 

According to Lee Ju Hyeong,

“The government is shifting its attitude toward cryptocurrencies by appointing a government body governing the industry while financial companies like us are navigating opportunities,” 

Busan Bank is one of the nine companies selected for the Busan Blockchain Special Zone and has also developed the Busan Digital Voucher.

Blockchain Services Gaining Popularity In Busan

The development of blockchain technology in the city has led to its transformation into a financial hub and global logistics center. Few of the more popular blockchain-based services in Busan include - 

  • B Pass - Blockchain-based ID service
  • Busan Digital Voucher 
  • Citizen Safety Report
  • B-Fresh - Seafood logistics service
  • B-Tour - Travel Platform

South Korea Continues To Lead In Blockchain And Crypto

South Korea has been at the forefront of the cryptocurrency boom over the past few years and is one of the few countries with wide-scale adoption of blockchain technology. In March 2020, the South Korean National Assembly passed new legislation to provide a framework for the regulation and legalization of cryptocurrencies and crypto exchanges. Even though in 2017, the government had clamped down on the spread of blockchain, the legislation in 2020 proved to be a relatively quick turnaround for regulators. It showed the increasing acceptance of blockchain and, more specifically, cryptocurrencies in the country. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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