Seoul Mayor Rolls Out 5-Year Plan To Promote Blockchain Technology-Based Industries

The Mayor of Seoul, Park Won-Soon, recently rolled out a 5-year plan for promoting blockchain technology-based industries. The plan also includes creating business complexes and startup funds. The announcement related to the plan was made by Park, in Zug, Switzerland. Zug hosts around 250 ventures based on blockchain including the leading virtual currency developer, Ethereum Foundation.

The plan from Park will require an investment of 100 billion Won and a huge blockchain complex with the capacity to house more than 200 companies. The Mayor stated that undoubtedly blockchain is the fourth industrial revolution’s core technology with a strong potential to shape the future of the IT sector in the years to come. Park further added that he will make efforts to ensure that Seoul becomes a major hub of blockchain industry ecosystem.

Currently, on an 11-day trip to Estonia, Switzerland, and Spain, the Mayor said that his government will invest around 60.3 billion Won in the span of these five years by 2021 for constructing two business complexes in the southeastern and western districts so that the 200 blockchain-related ventures could be housed.

The government will operate two blockchain technology centers in these business complexes so that around 730 experts in this technology are cultivated in the five-year span. Seoul also intends to form a 100 billion Won private-public fund which will be invested in blockchain-based startups by 2022. The capital city of South Korea will contribute 13.6 billion Won for the project fund, said Yonhap News Agency.

Most of the remaining fund will be generated through private and public investments. The $100 billion Won expected fund will also be used for supporting conventions, tours, and promotional events related to the blockchain, according to News BTC.

Seoul has high aims when it comes to establishing blockchain technology-based solutions and wants to expand the plan further after 2021. The ultimate goal of the city is to form a Seoul Global Block Centers with the capacity to house 120 additional companies.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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