Busan City is building a blockchain mainnet at the municipal level to combine blockchain-based services from various mainnets on a single platform in a way that is compatible with significant mainnets like Ethereum and Cosmos.
According to a local media report, Busan City declared it would promote blockchain mainnet development as a medium to long-term task through the ‘Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule’ plan.
Additionally, there are plans to establish a Blockchain Innovation Fund and transform Busan City into a “Blockchain City” centered on the Busan Digital Asset Exchange.
Busan City has been working on some blockchain-based projects, including B-Pass and digital vouchers, as a special blockchain regulation-free zone in the interim. However, the use of various blockchain mainnets for each business led to a bad user experience (UX).
Busan City decided to move forward with a separate project and create a mainnet that became a local blockchain standard. Busan City wants to create an “open blockchain,” similar to Ethereum and Cosmos, which are public blockchains that let anyone view transaction data.
Additionally, it will contribute to the efforts being made by the Korea Internet and Security Agency (KISA) to create the blockchain trust framework (BTF) technology standard. Establishing requirements for the technical system, performance, and security level of the blockchain is intended to enhance the quality of private services and promote service connectivity.
Busan City also intends to establish a blockchain innovation fund (BBF) to hasten the implementation of a blockchain city. BBF is a private fund for the infrastructure-building and growth of Busan’s blockchain industry, led by local financial and governmental institutions. The objective is to raise more than 100 billion won in funding.
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