Seoul Government Plans to Invest in Blockchain to Build a Smart City

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Park Won-soon, mayor of Seoul has recently revealed a five-year plan to invest $108 million to develop the South Korean Capital as a blockchain based smart city.

During his nine-day long visit to Europe, Park purposed a Blockchain Urban Plan for 2018-2022 which will be implemented in 14 different public services in 5 areas which include labor welfare, vehicle history management, certification issuance, donation management, and elections voting.

Mr. Park(2018) claimed that :

“It is the plan of the Seoul city government to create an ecosystem of blockchain here, with hopes that the city will be globally recognized as a blockchain hub. We will try to attract many blockchain experts into Seoul, just like Zug. For this, we will need to establish an environment that is friendly for innovative blockchain companies.“

Also, Park revealed that his administration aims to spend $60 billion for the development of complexes for initiating blockchain-based startups. This would be done by utilizing the parts of the Gaepo Digital Innovation Park and Mapo Seoul Startup Hub. An estimated 200 startups will be able to use these new facilities by 2021.

According to the estimation of the Seoul government, currently 600 blockchain experts are available around the city and the officials are planning to double this number by 2022. It is not a surprise to see Park working on increasing the support of the blockchain as this was a major highlight of his election campaign. The mayor seems to be true to his word as this plan is proposed just after months of Park being re-elected as the mayor of Seoul.

South Korea is already leading the global crypto-leaders and with the Mayor of capital focusing on blockchain technology, Korea will surely grab new heights in days to come.

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