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Seoul Authorities To Allocate $53 Million To Create Blockchain Complex

17:15 07/10/2018

Park Won-soon, mayor of Seoul, announced a plan for expanding of the blockchain industry in the capital, which is designed to be implemented in the next five years, Yonhap reports.


On October 4, Park Won-soon delivered a speech in Zug, a Swiss center of international trade, according to which the developed plan “Blockchain City of Seoul” provides for the introduction and promotion of innovative technologies from 2018 to 2022. The development system involves the creation of new business projects and startup investment funds which are directly related to blockchain technologies.


According to the mayor, the city authorities intend to establish a public-private fund by 2022 with a starting capital of $88.2 million (100 billion Korean won), $11.9 million of which will be allocated by the municipal authorities of Seoul. The main aim of the fund is investments in the development of blockchain platforms in the Korean capital.


The authorities intend to allocate $53.1 million (60.3 billion Korean won) from the city budget for the establishment of two large business complexes, including 200 blockchain firms, by 2021. According to the five-year plan, in order to train 730 qualified specialists in the field of development of blockchain solutions, new centers will be established based on the planned complexes.


The mayor also stressed in his statement that blockchain will soon be applied in the Seoul government administration. Since the end of 2018, the authorities intend to introduce 14 blockchain systems, some of them will be used for voting, charity, and city transport reporting.


As previously reported, an “embassy” for teaching representatives of state and financial institutions how to deploy blockchain technologies has been founded in Seoul.

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