The coastal city was a prominent manufacturer of footwear, fabric and other light industries during the 1970s and 80s, and then grew into one of the world’s biggest container ports. Now it’s trying to reinvent itself in the digital world of blockchain.
Busan, South Korea’s second-largest city, launched its blockchain initiative four years ago to put out the welcome mat for the growing industry, hoping to attract technology, jobs and investment and shift away from a reliance on seaborne trade and tourism.
Problem is, the message didn’t seem to reach the blockchain sector.
Busan, with a population of 3.3 million people and home to one of Asia’s leading movie festivals, was designated a special blockchain zone in July 2019 under the administration of former president Moon Jae-in. That allowed the city to host blockchain projects that would face restrictions and red tape elsewhere in the country.
Examples include local firm Coinplug that’s developing a blockchain-based public safety...
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