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South Korean City Taking Steps To Become A Blockchain City
Busan, a city in South Korea with a population of ~3.5 million people, is quickly becoming a hub for blockchain technology, with a grand vision to incorporate it into everyday life.
This city, known for its economic success and technological innovations, is working to make blockchain a norm in everything from government services to healthcare and finance.
To achieve this, Busan collaborates with blockchain businesses, creates a friendly regulatory space, and boosts blockchain education and research.
A major part of this strategy is developing a public blockchain network compatible with established platforms like Ethereum and Cosmos.
The city has dedicated a whopping 100 billion Korean won (about USD$75 million) to this project, which aims to unify blockchain-based services across the city.
Busan’s path to blockchain supremacy isn’t just about technology but also about creating a conducive business environment.
The city is establishing “Blockchain Innovation Zones” that provide infrastructure and resources for blockchain startups.
The city’s government also offers financial incentives, co-working spaces, and events to promote these businesses.
But Busan’s blockchain ambitions go beyond the business sector.
The city is investing heavily in blockchain education and research, partnering with universities and research institutions to prepare the workforce for this emerging technology.
Plus, the city is exploring how blockchain can improve government services, logistics, and healthcare.
Despite the challenges, Busan’s ambition and determination pave the way for a future where blockchain is part of everyday life. Read more here.
Crypto assets: A big slice of South Korea’s overseas pie.
Splitchain: A Potential Key To Smart City Ambitions
In the bustling city of Busan, South Korea, blockchain technology is becoming a part of everyday life, touching everything from government services to healthcare and finance.
It’s part of the subtle but sure transformation to smarter, more connected cities.
However, traditional blockchain has some downsides that might slow Busan’s progress.
It can struggle to handle lots of transactions quickly, and the fees can be high, making it less useful for small transactions.
Solutions to these are to use layer 2 systems, which are usually offshoots of the main blockchain. After some delay, the data that is centrally stored somewhere else eventually is submitted to the actual blockchain.
This has a number of issues, such as requiring a blockchain’s “layer 2” service, which is often a central controlling company managing this service to help speed things up.
Of course, this goes against the benefits of a decentralized blockchain in the first place.
You might as well just use an open-ended API that runs on a company’s normal centralized database somewhere.
There are also worries about security and how hard it is for non-technical people to use, especially in sensitive areas like healthcare and logistics.
It’s where we think Splitchain, an alternative to blockchain, could perfectly fit Busan’s technology dreams.
Splitchain has several key benefits.
First, it can handle lots of transactions quickly because it splits the ledger across many nodes, making it more scalable.
This is really important for a city like Busan that wants to use the technology in many different areas, distributing the traffic and data loads across lots of different geographical regions.
Second, Splitchain doesn’t have transaction fees, making it a better fit for everyday use in sectors like finance and government.
Third, it has improved security features, giving users more control over their assets, which is a big deal.
Finally, it’s user-friendly, making it easier for developers in Busan to use it in different sectors.
Busan has big plans to weave blockchain into the fabric of daily life, and Splitchain could be the alternative tool that makes it happen, solving many problems along the way.
Its speed, low fees, high security, ease of use and much more, make it a great fit for Busan’s goals.
This could be the key to unlocking crypto technology’s full potential in the city, leading to a future where it’s a seamless part of everyday life.
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All the best,
Peter & Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.