Seoul Mayor Announces 5-Year Mega Plan for Elevating Blockchain Tech Sector

Further, Seoul city authorities are considering spending $53.1 million on forming two business hubs to accommodate 200 blockchain companies by the year 2021. The two upcoming infrastructures, that will be placed in the southeastern and western regions of the city, will run two educational hubs, focusing on training 730 blockchain sector experts in the next half a decade. 

As per ZDNet Korea, Won-soon also revealed plans to use distributed ledger technology (DLT) in the administration of Seoul. Beginning 2018, authorities are considering to roll out 14 blockchain-powered systems such as vehicle history reports, voting system and charity management. 

DLT the Basis of IT 

Won-soon commented that blockchain technology is undoubtedly "the core technology of the fourth industrial revolution," and will be the foundation for the future of information technology (IT). By launching the new plan, Won-soon plans to make Seoul "the hub of a blockchain industry ecosystem."

In August of this year, South Korean authorities proclaimed a move to develop 8 major sectors of the local economy, including DLT, by putting in $4.4 billion next year. The local government has purportedly chosen to multiply the total sum of funds spent on things like big data, artificial intelligence and DLT by 65% from approximations earlier 2018.