South Korea’s second-largest city, Busan, is developing a public blockchain network compatible 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 the city level and develop Busan into a blockchain city.
Busan City has allocated a 100-billion-Korean-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. The 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.