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13:55, 06 October 2018

Seoul Mayor Announces $53.39 Million Fund for Blockchain Districts

Seoul Mayor Announces $53.39 Million Fund for Blockchain Districts

Seoul Blockchain

A South Koran politician has committed a $53.39 million fund to develop blockchain regions in Seoul, nearby media reported.

Park Won-soon, who is the mayor of the South Korean capital city, stated their government would generate two business complexes to settle&nbsp200 blockchain-connected companies by 2021. The districts would also serve the objective of education 730 specialists in the field over the course of the subsequent five years.

&#8220There&#8217s no doubt blockchain is the core technologies of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul turn into the center of a blockchain business ecosystem,&#8221 Park mentioned throughout his ten-day diplomatic visit to Switzerland, Estonia, and Spain. The minister also signed a memorandum of understanding in Zurich to lay the foundation of their blockchain tie-ups.

Park, who has been a powerful advocate of the digital ledger technology for public and government services, also visited Zug, Switzerland&#8217s crypto valley, with his 30-person delegation. He studied the city&#8217s organization atmosphere and structure to realize the prospective of his blockchain hub plans for Seoul, as he comes closer to launch a state-backed cryptocurrency, tentatively referred to as S-Coin.

Seoul has committed a one hundred billion-won public-private fund &#8211 virtually $88.56 million &#8211 to invest in regional startups, investigation centers, and to train workers in the field of the blockchain. The city&#8217s efforts in digital ledger will concentrate on supplying social solutions to citizens. S-Coin is a outcome of the government&#8217s plans to&nbspfund public welfare programs or compensate private contractors. A blockchain-based asset need to enable the Seoul municipalities to place expenditure information in public.

The city is arranging to insert&nbspclose to $12 million into the proposed fund.

Samsung Partnership

In 2017, the Seoul government, below the mayorship of Park, entered into a partnership with Samsung SDS to create a blockchain improvement framework for the city. The firm later started testing its proprietary&nbspblockchain protocol, the NexLedger, with a goal to integrate it into the Seoul&#8217s entire municipal cooperations by 2022. Just recently, the Municipality of Seoul and Samsung SDS announced that would create the planet&rsquos first exports customs clearance on the top of the blockchain. They had already tested the remedy on a&nbspKorea-China shipment&nbspa year ago.

The South Koran government is also using NexLedger in digital identity storage and verification, online payment solutions, and digital record storage systems. The nearby enterprises are also integrating the NexLedger variety of solutions to innovate their IT solutions with blockchain.

Featured image from Shutterstock.

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Published at Sat, 06 Oct 2018 12:04:37 +0000

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