Seoul Mayor to Build Blockchain-Powered City with $100 Million

Mayor of Seoul, Park Won-soon, has announced a five year plan that will see the investment of $108 million into the city. This will be done in a bid to turn Seoul into a smart city that is completely powered by blockchain technology.

Blockchain technology

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In addition, Park revealed that his plan, christened the Blockchain Urban Plan, will oversee 14 public services in five areas. The plan, which is expected to last from 2018 – 2022, will have a budget of about $108 million (123.3 billion Korean won).

Speaking during a recent visit to Zurich, Park listed the public services that will run on blockchain and they include certification issuance, labor welfare, donations management, elections voting, and vehicle history management.

Elaborating further, Park explained that his administration, for example, will adopt blockchain technology as a protective tool to cover part time employees that are not covered by employment insurance nor have labor contracts.

According to him, “These workers will be able to register via a blockchain application that will be developed as part of the plan. After that, labor welfare organizations and insurance companies, which participate as running nodes, could share workers’ information over a distributed network and decide on insurance schemes. “

Speaking further, Park announced that his government plans to build two complexes that will accommodate 200 blockchain startups. This project is expected to gulp about $53 million (about 60 billion won) and is expected to utilize parts of the MapoSeoul Startup Hub and Gaepo Digital Innovation Park.

Thus, future projects come on the heel of Park’s reelection as the mayor of Seoul in June. Part of his campaign manifesto at the time was to increase continuous support for the development of blockchain in Seoul by designating Mapo district in Seoul as a blockchain incubation center.

This massive project by the Mayor of Seoul tallies with the roadmap created by South Korea’s Ministry of ICT in June, which announced that it plans to invest $9 million in the future to actualize the adoption of blockchain technology in six major public services in the country.

To conclude

Seoul is poised to be a smart city powered by blockchain technology. This statement was revealed by the city’s Mayor Park Won-soon during a visit to Zurich. This project, which is estimated to span across a five year plan will need over $100 million in investment.

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