Seoul launches industrial development plan based on blockchain

Seoul Mayor Park Won-soon introduced a five-year plan to develop the blockchain industry in the city

The project called “Blockchain City of Seoul” contemplates various measures to promote and develop initiatives related to the chain of blocks and the education of the city for the years 2018-2022.

The city plans to create a public-private fund of 100,000 million won (88.2 million dollars) to finance blockchain startups in Seoul. The fund will have 13.6 billion won (11.9 million dollars) from the city government.

Municipal authorities plan to spend 60.300 million won (53.1 million dollars) in the launch of two business centers to host 200 blockchain companies by 2021. These complexes will operate two educational centers to train 730 experts in the next five years.

Park also expressed they plan to apply blockchain technology in the city’s administration. Beginning this year, the rulers are planning to launch a voting system, charity management and vehicle history reports.

The local government has chosen to increase the amount of funds in fields such as blockchain, big data and artificial intelligence. With the launch of the new initiative, they intend to make Seoul the center of an ecosystem of blockchain industry.


Source: CoinTelegraph

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