The mayor of South Korea’s capital city Seoul Park Won-soon has announced to commit $53 million in funds which will be dedicated towards the development of blockchain regions in the city.

Mayor Park implementing the policy lessons learnt from abroad

Mr. Park stated that under his leadership two new business complexes will be built in the city by the year 2021. These complexes will house 200 companies working on blockchain technology. The whole technology district will assist in training 730 blockchain experts over the next five-year span.

“Without any doubt, blockchain technology is at the heart of fourth industrial revolution, which will transform the upcoming IT industry. I will strive to make Seoul the center of blockchain industrial ecosystem,” said Mayor Park while he was on a ten day official trip to Spain, Estonia and Switzerland. In Zurich, he also signed a memorandum of understanding for establishing various blockchain collaborations.

Mayor Park is considered as a staunch supporter of utilizing hi-tech solutions for public service-delivery. He strongly advocates the usage of distributed ledger technologies for automating government services. During his visit to Europe, he also visited Zug, a Swiss crypto heartland with his delegation. There he studied the city’s business structure and environment which would help him during the implementation of his blockchain hub plans for Seoul.

Currently, the city has ambitious plans to create a 100 billion-won (almost $88 million) fund based on public-private partnership which will fund blockchain startups by 2022. The city government will inject 13.6 billion wons into that fund.

South Korean Central Government also Acting Fast to Promote the Blockchain technology

South Korea’s central government is also spearheading the efforts to uplift the critical technology sectors. The Central government is expected to spend 5 trillion wons ($4.4 billion) to develop expertise in eight highly critical subfields which include blockchain, big data and artificial intelligence, autonomous vehicles and smart factories. Moreover, concrete steps are being taken to remove regulatory hurdles in the path to technological progress.

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