Korean Authorities Sets Aside $100 Million To Build Blockchain Smart City

All is now set for Seoul, the South Korean capital, to become a smart city. This is following a major move by the Mayor of Seoul, Park Won-soon, who collaborated with major stakeholders to make the dream a reality.

A Smart City In The Heart Of Korea

The multi-million dollars project will be a major landmark, in one of the fastest growing cities in the world, and one of the biggest business hub in Asia.

Lending a voice to thoughts on the project, the mayor of Seoul, Park Won-soon expressed confidence in the realization of the project, while stressing that the master plan will cover 14 public services in five areas. When pressed on the specifications, the Mayor reiterated that history management, election voting, labor welfare, and donation management would all be taken cared of by the project.

The major further explained that the introduction of the new technology into the public service would help to reduce the rigorous process in the public service, while it will give room for accountability and ensure transparency, both on the public servant and the government.

A Drive Towards Startups

To further maintain its pedigree as a leading city in blockchain technology, the office of the mayor has pledged to inject about 60 billion Won ($53 million) into constructing buildings that will house blockchain startups.

The move to give the startup a heads start is part of a larger plan to create policies and laws that will be friendly enough to attract blockchain startups to establish in the city and also to grow the blockchain sector in the country through the development of startups and other allied investments.

The latest move by Seoul is the new trend, as most countries in Europe and America are adopting blockchain technology in major businesses and everyday life. Countries like China and the United States have established blockchain hubs at their respective universities, to train the younger generation. Malta is regarded as a blockchain haven due to its blockchain friendly policies, while countries like Canada and the United Kingdom are making a spirited effort to inject the technology in the major sectors of their economy.

The South Korean finance minister, Kim Dong-Yeon recently revealed the plan of the government to boost the blockchain sector with 5 trillion Won. The minister stressed that the money would be meticulously utilized to boost the sector in 2019 and beyond.

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