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http://m.thebell.co.kr/m/newsview.asp?svccode=00&newskey=202205021545247120107134&s=08

English translation from earlier news/article on Busan City deal

Busan, Northeast Asia Blockchain Hub Preemption?BIBC will be completed in 2023, serving as a core technology-based test bedBusan = Reporter Lee Jong-hye | Public 2022-05-04 19:04:56

[Editor's Note] Busan Metropolitan City is growing into a Korean version of Crypto Valley. To this end, Busan Metropolitan City, which was designated as a special zone for free regulation of blockchain, and Medium, a startup specializing in blockchain, joined hands. The Bell looked at the process of preparing for public-private collaboration in Busan, which will transform into a smart city.

This article was published on May 04, 2022 at 19:04 The Bell Paid Page .

The 'International Blockchain Business Center (BIBC)', Korea's first blockchain business center, will be built in Busan. It is expected that large corporations, start-ups, and financial companies will spur various demonstration projects in Busan based on blockchain core technology, free from various regulations. This means that Busan will become a blockchain test bed.

?Busan

designated as a special zone for free regulation on blockchain In July 2019, Busan Metropolitan City was designated as a special zone for free regulation on blockchain. It is the first time in Korea that it has challenged the realization of a 'smart city'. A new phase is observed in terms of democracy and governance in line with the 'decentralization' element, which is the core characteristic of blockchain.

The public and private sector joined forces. 15 companies and startups including Busan Metropolitan City, Medium, NHN, Tesla Korea, and Panda Korea.com will participate. By 2023, BIBC, the largest block chain convergence facility in Northeast Asia with a business center, convention center, and research and education center, will be built on a site of about 50,000 square meters (15,000 pyeong) in front of the Busan International Finance Center in Nam-gu, Busan. .

Currently, Busan Metropolitan City is creating a blockchain innovation cluster. It is working hard to create an ecosystem and infrastructure for the blockchain industry by promoting designated projects in six major areas, such as ?logistics, ?tourism, ?public safety, ?finance, and corporate support. In particular, it is being led by private R&D companies to become the center of the startup ecosystem based on blockchain technology. As a hub, blockchain technology research activities, technology exchanges, and collaboration are expected to take place.

For two and a half years, Busan Metropolitan City has been working hard to become a practical block chain free special zone by steadily securing government funds. In particular, it went through a tedious process of persuading various ministries such as the Ministry of Land, Infrastructure and Transport, the Ministry of Public Administration and Security, the Financial Services Commission, and the Korea Communications Commission for regulatory reform. Through this, the focus has been on transforming the business into a way in which companies can develop businesses based on subsidies and enjoy special regulatory privileges.

First, it succeeded in enacting special regulations as an ordinance in March. Blockchain-based smart maritime logistics platform service demonstration, blockchain-based Busan smart tour platform service demonstration, public safety video reporting service demonstration, digital ledger-based local currency activation, etc.

An official from the Busan Blockchain Development TF Team said, "We have been working hard to enact ordinances so that Busan can become a practical block chain free special zone, and we plan to eventually create an integrated virtual asset exchange." "With BIBC, local tax reduction for key blockchain technology companies We plan to continue to provide incentives such as tax benefits and industry-university ties,” he said.

Busan Metropolitan City is ultimately designing a blockchain virtual asset exchange. Through this, it is a plan to participate in the crypto ecosystem such as a research center for blockchain developed by each country and city in a special block chain overseas and a collaborative space. Swiss Zuke CVLABS, Estonian ICT Cluster, Singapore SBIP and Dubai DMCC Crypto Center (Dubai Multi Commodities Centre). Crypto (Crypto) contains the meaning of cryptocurrency, and cryptocurrency and virtual currency mean cryptocurrencies.

?Smart City Act 1 Leading Medium, Blockchain Technology Startup Convergence

There is a startup that is drawing a blueprint for a block chain free special zone together with Busan Metropolitan City. Medium is a blockchain-only information processing device development company. Equipped with Medium's high-performance blockchain core, it can be widely used in public and private businesses.

Medium is playing a leading role in the BIBC block chain base project in cooperation with Busan Metropolitan City. It has laid the foundation for 15 domestic and foreign companies to sign BIBC business agreements. The BIBC they draw is a space where industries in various sectors such as contents, metaverse, and finance are chemically combined based on blockchain.

It also signed a business agreement to attract investment from blockchain offshore companies. 11 software, platform, IT consulting, and content companies, including Snowpipe, Scare, PandaKorea.com, 100%, Fundant, and Kideye, will move their headquarters to Busan. At the same time, Allforland, NH Networks, and Korea AI Blockchain Convergence Institute will establish branches and make new investments.

In addition, after the completion of BIBC, it was found that more than 30 companies are currently considering relocating their headquarters, establishing branches and research institutes. If additional local startups are discovered, a cluster of more than 100 blockchain-related companies is expected to be formed. Through this, it is expected that a demonstration project will be held in Busan by convergence of blockchain-related innovative companies, local governments, and existing finance.