Mayor of Seoul brings 5-year Mega-Plan to elevate Blockchain Tech Sector

The Mayor of Seoul, Park Won-Soon, has introduced a 5-year plan for creating and progressing the blockchain technology sector in the city, according to Yonhap News.

The project is called ‘Blockchain City of Seoul’ and has several measures for elevating and developing blockchain technology-related initiatives. In addition, blockchain technology education in Seoul from 2018 to 2022 is part of the mega-plan.

Seoul plans to configure a public-private fund of $88.2 million by the year 2022, with the aim of investing in blockchain technology start-ups in the city. The Seoul city government will obtain funds amounting to $11.9 million.

Furthermore, the authorities of Seoul are considering spending $53.1 million on forming two business hubs with plans of accommodating 200 blockchain companies by the year 2021. Two educational hubs will be run by the two upcoming infrastructures that will be placed in the south-east and western regions of the city. The focus will be on training 730 blockchain sector experts in the next half a decade.

Mayor Won-Soon commented on blockchain technology being “the core technology of the fourth industrial revolution“, and will serve as the foundation for future information technology (IT). Won-Soon plans to make Seoul “the hub of a blockchain industry ecosystem.”

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