The public blockchain development 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.
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 compatible with global blockchain networks such as Ethereum.
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 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 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 and carbon emissions rights.
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