Home Column Seoul’s Five-Year Plan for Blockchain Industry -Yonhap News

Seoul’s Five-Year Plan for Blockchain Industry -Yonhap News

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Seoul Mayor Park Won-soon announced  a five-year plan to promote blockchain-based industries such as the creation of business complexes and startup funds, according to Yonhap News report.
Park was cited as saying that blockchain is the core technology of the fourth industrial revolution for the future IT industry and Seoul is aiming at becoming the center of a blockchain industry ecosystem.
Seoul will spend around KRW 60bn by 2021 to build 2 business complexes in western and southeastern districts for housing 200 blockchain-related companies, Park said.
The city also plans to create KRW 100 bn public-private fund to invest in blockchain startups by 2022.
Seoul city will support blockchain-related conventions, tours and related events.
Blockchain, largely adopted in cryptocurrency, uses a digital public ledger that can keep track of its transactions without a central server via distributing the records among shared parties.