No Bureaucracy, Only Blockchain: Seoul Is Quite Determined

  • No Bureaucracy Only Blockchain Seoul Is Quite Determined

Park Won-soon, the mayor of Seoul, the capital of South Korea, presented a five-year development plan for the blockchain industry in the city. The mayor of Seoul spoke about plans to integrate blockchain technology into the city administration, where the most important will be voting systems, charitable assistance, and vehicles.

According to ZDNet Korea, the project provides for the launch of a number of initiatives aimed at the development and promotion of distributed registry technology. According to Mr. Pak, by 2022 a private-public fund with assets worth 100 billion won (about $ 88 million) is planned to be created in Seoul to invest in local blockchain startups. At the same time, the government will allocate about $ 12 million from the local budget.

In addition, by 2021, the authorities intend to spend $ 53 million to create two business centers, which will house about 200 blockchain-startups. There are also going to open two educational centers, which in the next five years will train 730 specialists in the field of the distributed roster.

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