Seoul City in South Korea is making financial plans to support blockchain tech within its jurisdiction. Led by its Mayor, the goal is to raise 100 billion won for funding blockchain development & build a complex to accommodate over 200 blockchain-affiliated firms.
Scaling Blockchain Activities In Seoul
Park Won-soon, who is the current Mayor of Seoul pioneered this initiative to scale up blockchain adoption & improve the tech as well.
Won-soon announced this recently as he continued with his Europe trip scheduled to last for 11 days. According to the news from Switzerland-based reports ZDNet, the Mayor said that Seoul is planning to accommodate over 200 firms within a span of five years. Furthermore, it is the Mayor’s intention to establish a blockchain-oriented fund to facilitate ongoing market developments.
The Seoul Mayor added a few sentiments to support the blockchain era. According to him, blockchain will be the vehicle for the fourth industrial revolution. Park is optimistic that blockchain is indeed a solution for loopholes in existing systems hence the idea to make Seoul a hub for these developments.
Blockchain tech, popular for its digital ledger feature & cryptocurrency affiliation, is very compatible with most industries although game developers have adopted it faster than the rest. This type of network is immutable & decentralized as opposed to the existing money transfer platforms. Blockchain users have the power to conduct P2P transactions cutting off any 3rd parties like financial institutions whose charges are far much more than cryptocurrency transaction fees.
The Seoul Blockchain Roadmap
Seoul city plans to pioneer this initiative with approximately 13.6 billion won. It expects to receive financial support from willing investors who can top up the amount to the 100 billion won target. These proceeds will be used to support blockchain-related events, tours & conventions.
The blockchain housing complexes mentioned earlier as part of Seoul’s goal will be placed in already existing structures in Mapo & Gaepo districts. These two venues have a capacity of roughly 73 blockchain companies. This will however be a temporary situation as the city plans on achieving its 200 firm accommodation target by expanding these venues within the next three years.
According to the Mayor, Park Won-soon, these facilities will cost around 60.3 billion won to be completed. In return, they are expected to enhance the number of blockchain development contributions from experts in the industry within a span of five years.
So far, the City of Seoul has taken the strategic partnership approach to achieve its goal. It has managed to partner with Samsung SDS & Ground X ‘a subsidiary of the Kakao Blockchain’.