Blockchain City Busan Developing Ethereum-Compatible Mainnet

Integrating Blockchain-Based Services onto a Single Platform

Busan, South Korea’s second-largest city, is developing a public blockchain network that is compatible with mainstream blockchain platforms such as Ethereum and Cosmos. This will enable the integration of blockchain-based services from various mainnets onto a single platform, with the aim of transforming Busan into a blockchain city.

The Blockchain Innovation Fund (BIF) has been allocated a budget of 100-billion-Korean-won ($75 million) to support the development of open blockchain technology that meets global standards. Private companies have shown strong interest in the fund, which is managed by financial and public institutions in Busan.

The Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan are part of the city’s efforts to make Busan a blockchain city. These plans involve the testing of various use cases of blockchain technology in the Busan trade-free zone, however, most of these projects are conducted on different blockchains, which is an inconvenient experience for businesses. Therefore, the city administration is focusing on a public blockchain at the city level that is compatible with global blockchain networks such as Ethereum.

Blockchain Trust Framework Technology Standard

Busan City is collaborating with the Korea Internet & Security Agency to set up the Blockchain Trust Framework technology standard. The purpose of the project is to enhance the quality of private services and foster interoperability between services by providing requirements such as blockchain technical system, performance, and security. This standard will also be applied to public services in Busan City.

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 not only list crypto cosmos and atom crypto but also tokenized securities, such as gold, copper, and oil. In the future, the team behind the project is looking to tokenize and trade global intellectual property rights and carbon emissions rights.