South Korea’s Busan city wants to be blockchain central. Did everyone get the memo?

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Busan, with 3.3 million residents, was designated a special blockchain zone in July 2019 under the administration of former president Moon Jae-in

However, a survey in July of 465 blockchain companies in the country found that more than 48 per cent were unaware of Busan’s status as a blockchain-friendly zone

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View of the Gwangan Bridge illuminated by thousands of LED lights in Busan, South Korea. Photo: Daniel Allen

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Published: 4:01pm, 26 Sep 2022

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 did not 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 is developing a blockchain-based public safety reporting app, and in 2020, the city released B PASS – a blockchain-based mobile app and all-in-one ID and electronic wallet for Busan citizens.

Containers at the Busan Container Terminal in Busan on 23 September 2022. Photo: EPA-EFE

However, the Busan Chamber of Commerce ran a survey in July this year of 465 blockchain companies in the country and found more than 48 per cent were unaware of Busan’s status as a blockchain friendly zone. Another 21 per cent said they had heard of the project, but did not know in detail what it does.