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 The city administration behind the project aims to make Busan a blockchain city and has launched a $75 million development plan to realize the goal. 
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<div class="cointelegraph"> 
 South Korea's second-largest city Busan is <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a>ing a public blockchain network <a rel="noopener noreferrer nofollow" title="compatible" href="https://thebittimes.com/tag/compatible.html">compatible</a> with mainstream blockchain platforms such as Ethereum and Cosmos. The aim is to integrate blockchain-based services from various blockchain mainnets onto a single platform at a city level and <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a> Busan into a Blockchain city. 
 Busan City has allocated a 100 billion won ($75 million) budget for open blockchain development compatible with global standards under the Blockchain Innovation Fund (BIF). The funds will be raised through investments from public financial institutions in Busan with nearly 100 private companies showing interest. BIF is a private fund that supports the development of Busan's blockchain industry and infrastructure construction, led by financial and public institutions in Busan. 
 The public blockchain <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a>ment is being done under the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan with a focus on making Busan a Blockchain city. 
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 <figcaption style="text-align: center;"> Busan Blockchain City Development Plan. Source: News1 
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 The official announcement noted that Busan city has been actively testing various use cases of Blockchain technology in its trade-free zone, however, most of these projects were carried out on different blockchains resulting in an 'uncomfortable' experience for businesses. This was one of the key reasons for city administration to zero on a public blockchain at the city level blockchain <a rel="noopener noreferrer nofollow" title="compatible" href="https://thebittimes.com/tag/compatible.html">compatible</a> with global blockchain networks such as Ethereum. 
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 Busan City is also involved in the process of establishing the blockchain trust framework (BTF) technology standard conducted by the Korea Internet &amp; Security Agency (KISA). 
 The project aims to improve the quality of private services and encourage interconnection between services by presenting requirements such as blockchain technical system, performance, and security level. The standard will also be utilized for public services within Busan City. 
 The long-term blockchain <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a>ment plan also includes the <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a>ment of the Busan digital asset exchange in the first half of 2024. The digital exchange will not only list virtual assets, but also tokenized securities, including precious metals and raw materials such as gold, copper and oil. In the future, the administration behind the projects aims to tokenize and trade global intellectual property rights (IP) and carbon emissions rights. 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/busan-is-developing-an-ethereum-compatible-mainnet-to-become-a-blockchain-city-tbt63480.html">https://thebittimes.com/busan-is-developing-an-ethereum-compatible-mainnet-to-become-a-blockchain-city-tbt63480.html</a>

Busan is developing an Ethereum-compatible mainnet to become a 'Blockchain City'

TheBitTimes

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