Mayor Park Won-soon plans to invest $100 billion in blockchain technology to make Seoul a Blockchain Hub. He announces a five-year plan to promote blockchain-based enterprises that incorporates the making of business buildings and startup reserves. According to the plan, the technology will be added to 14 services in the city, such as voting, labor welfare certification issuance, etc.
He is on an 11-day trip to Spain, Switzerland and Estonia until Sunday. The mayor visited the Swiss town of Zug, also known as “crypto valley”. The town hosts about 250 blockchain-based venture firms. The city has piloted blockchain voting this summer.
“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem,” says Park.
Around 60.3 billion won will be invested in blockchain technology by the city government by 2021 on building two business complexes in Gaepo Digital Innovation Park and the Seoul Innovation Hub. These funds will house 200 blockchain-related organizations. The two training hubs will develop 730 experts in the field throughout the following five years.
The city additionally plans to make a 100 billion-won public-private fund to invest in new blockchain companies by 2022. The city will infuse 13.6 billion won into the planned fund.
Another fund for small and medium-sized businesses has also been created. They can receive up to 1 billion won ($890,000) in funding, as reported by Toshi Times. According to the Seoul government, around 600 blockchain experts are currently present in the city. The officials want to double the number by 2022 for which they have set up training programs.
The mayor is hopeful that investment in blockchain technology could bring a revolution in various sectors. The technology which is connected to a great extent with cryptocurrency utilizes a digital public ledger, as published in Yonhap News. This system can monitor its transactions without a central server by continuously adding and distributing the records among shared parties. Thus it is expected to reform an extensive variety of enterprises from finance to logistics.
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