Jeju Island Takes a Bold Step into Blockchain
On August 13, Jeju Island, known as South Korea’s tropical getaway, announced its latest endeavor into the blockchain world with the Blockchain Hub City Development Research Service. This initiative aims to establish Jeju as a serious contender in the blockchain arena, despite the challenges it faces. The local news outlet, JejuDomin, enthusiastically reported this innovative plan, noting that cloud services provider Tilon has been enlisted to carry out the research.
Investment to Propel Blockchain Development
The project comes with a noted budget of 175 million won (approximately $145,000). If you’re wondering how far that money can stretch in the world of tech, let’s just say Jeju is betting on it creating waves rather than rippling one doubt-filled drop.
The Competition Heats Up
Jeju may be waving its blockchain flag high, but it faces stiff competition from Busan, South Korea’s second-largest city, which has recently been designated as the preferred location for a blockchain regulation-free zone. The irony here? Jeju had initially hoped to stake its claim as the go-to hub for initial coin offerings (ICOs) after being granted regulatory-free status, but it seems the island’s ambitions rolled back a bit when Busan was selected.
Blockchain Research and Development
The key goal of this research service is to analyze and develop advanced use cases for blockchain technology tailored for Jeju. The future strategy director of Jeju Island, Noh Hee-seop, expressed confidence, stating, “We expect that this research service will contribute to the establishment of Jeju as a blockchain hub city that maximizes the potential of blockchain technology, the core technology of the 4th Industrial Revolution.” Now that’s some spirited optimism!
Jeju’s Historical Challenges with ICOs
Let’s not forget that the road hasn’t always been smooth for Jeju. The South Korean government imposed a ban on ICOs back in September 2017, and as of January this year, the Financial Services Commission confirmed that this ban would remain in place. This makes Jeju’s blockchain aspirations a little bit like trying to swim against the tide, but hey, a passionate island isn’t going to float away without trying!
What’s Next for Busan?
Meanwhile, as Jeju Island swims in its blockchain dreams, Busan is making concrete moves toward developing a blockchain-based digital currency project in partnership with BNK Busan Bank. Imagine that: while Jeju is planning to put its name on the blockchain map, Busan is already drawing the blueprint.
Concluding Thoughts
In this race of blockchain ambition, Jeju Island is pushing through its setbacks with the hopes of becoming a hub for blockchain technology despite Busan’s head start. It’s an intriguing tale of how two regions are battling for technological relevance in a country that is rapidly advancing in the digital arena.
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