South Korean Politician Commits $53.39 Million for Blockchain Regions in Seoul

The potential of blockchain is getting realized on a global platform. Several major enterprises and government of many countries are looking at new ways to implement blockchain to receive an advantageous return regarding security and efficiency.

The newest reports are from the local media of South Korea, where the major of the South Korean capital city has decidedly announced a $53.39 million fund dedicated to blockchain technology. This funding is in exchange to build blockchain regions in Seoul, according to the local news media outlet.

The mayor of Seoul, Park Won-soon, also regarded as the veteran politician of South Korea announced the funding which he expects to work at developing districts in Seoul that powers through blockchain technology and its vast potential. The mayor says that the government will now resume work at creating two business complexes by 2021.

These buildings will host over 200 blockchain related companies by the targeted year. Having a blockchain-powered region or a district can act as a training field for 730 experts analyzing and studying the blockchain technologies over the next five years.

Recently, Park also visited Switzerland, also known as the crypto valley, to gain a deeper knowledge about cryptocurrency and how it functions. The visit proves the dedicated interest of mayor in this field of expertise of today’s digital economy and the government officials are positively working at bringing new changes that support digital ledger technology meant for government and public services.

Switzerland visit helped mayor to understand the atmosphere that blockchain can create and the business opportunities it could bring to their city too. The South Korean city is keen on undergoing the potential themselves and testing them to work according to their expectations. Moreover, some of our sources also report that Seoul may soon launch a state-backed cryptocurrency of its own.

Seoul also dedicates an $88.56 million public-private fund which helps in investments in local startups and research centers along with training non-specialists to work in the area of blockchain in short future, with enough expertise to begin. The city officials plan to use the digital ledger technology to offer social services to the city’s masses. Moreover, the tentative cryptocurrency S-Coin shall launch as a means of funding public welfare programs.