Several industry professionals gathered at the 12th World Blockchain Summit ‘MARVELS’ on Wednesday to assess Busan’s potential to launch a global digital information ecosystem discussed and examined the city’s planned Blockchain initiatives.
At the event, industry leaders assess Busan’s future. Shin Chang-ho, the Director of the Future Industry Bureau of Busan Metropolitan City and the keynote speaker, was one of the more noteworthy personalities present at the WBS MARVELS. He went into great detail about how blockchain has being used to improve the city’s prospects.
The city has encouraged blockchain projects to test their technologies and services without regard for regulatory concerns.”
Lee Ju Hyeong (Director of Digitial Finance Division, Busan Bank), Park Hyo Jin (VP of Sejong Telecom), Oh Jeong Geun (Chairman of the Korean Institute of Finance ICT Convergence), and In Ho participated in the first session of the meet, Blockchain Special Zone Busan: Vision and Issues (Prof. Korea University, Director of the Global FinTech Researcher Digital Currency Center).
Busan Can Nurture Blockchain Technology Because It Isn’t Regulated The Ministry of SMEs and Startups designated Busan as a regulation-free zone in July 2019, with the goal of cultivating blockchain technology in the logistics, tourism, public safety, and financial sectors. Blockchain technology has established an irreversible mainstream in Busan thanks to the efforts of the government and financial institutions.
Lee Ju Hyeong claims that
“While financial companies like us navigate opportunities, the government is adjusting its approach toward cryptocurrencies by appointing a government organization to supervise the industry.”
Busan Bank is one of nine companies chosen for the Busan Blockchain Special Zone, and it is also the creator of the Busan Digital Voucher.
In Busan, blockchain services are becoming increasingly popular. The city’s transition as a financial hub and global logistical center has been aided by the development of blockchain technology. In Busan, some of the more popular blockchain-based services include:
B Pass – Blockchain-based ID serviceBusan Digital Voucher Citizen Safety ReportB-Fresh – Seafood logistics serviceB-Tour – Travel Platform
South Korea maintains its position as a global leader in blockchain and cryptocurrency. South Korea has been at the forefront of the cryptocurrency explosion in recent years, and it is one of the few countries that has used blockchain technology on a large scale. The National Assembly of South Korea passed new laws in March 2020 to establish a framework for the regulation and licensing of cryptocurrencies and crypto exchanges. Despite the fact that the government had cracked down on the proliferation of blockchain in 2017, authorities were able to pass laws in 2020 in a reasonably short time. It demonstrated the country’s growing embrace of blockchain and, more especially, cryptocurrencies.