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Seoul Mayor Launches Five-Year Plan to Promote Blockchain

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The mayor of Seoul Park Won-soon has presented a five-year plan for developing the blockchain industry in the city.

This is according to a report from Korean news agency Yonhap News.

The project is called “Blockchain City of Seoul” and it contains several measures for promoting and developing blockchain-related projects and education in the city from 2018–2022.

Park disclosed all these in a speech in the city Zug, Switzerland.

By 2022, the city will be looking to establish a public-private fund of 100 billion won ($88.2 million) to invest in blockchain startups in Seoul. The fund would get 13.6 billion won ($11.9 million) from the city government.

In addition, city authorities are planning to devote 60.3 billion won ($53.1) on establishing two business centers that would house 200 blockchain firms by 2021. The two projected facilities, which would be located in the western and southeastern parts of the locale, will operate two educational centers, seeking to train 730 industry experts in the next five years.

Park also divulged plans to apply blockchain technology to the city’s administration. Beginning this year, officials are planning to introduce 14 blockchain-powered systems, including a voting system, charity management, and vehicle history reports.

Park commented that distributed ledger technology (DLT) is “the core technology of the fourth industrial revolution,” which would be the foundation for the future of IT. By introducing the new plan, he is looking to make the city “the center of a blockchain industry ecosystem.”

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