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Busan’s Blockchain-based Integrated Citizen Platform: A Step towards Digitalization

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On March 6, the government of Busan, South Korea, announced that it would sign a business agreement with Busan Bank this afternoon to promote the pilot project…

Busans Blockchain-based Integrated Citizen Platform: A Step towards Digitalization

On March 6, the government of Busan, South Korea, announced that it would sign a business agreement with Busan Bank this afternoon to promote the pilot project of establishing and operating a blockchain-based integrated citizen platform. The integrated citizen platform construction project is a digital operation system based on the blockchain and providing comprehensive services such as application, receipt and use of various project-related subsidies promoted by Busan. Busan Bank will invest 3 billion won (about 2320000 US dollars) to establish and operate the platform in the next two years. (Yonhap)

Busan Municipal Government of South Korea will cooperate with Busan Bank to establish a one-stop subsidy comprehensive service based on blockchain

Interpretation of the news:


The government of Busan, South Korea, has taken a step forward in digitalizing its services by partnering with Busan Bank to establish and operate a blockchain-based integrated citizen platform. This platform will provide a digital operational system that will facilitate comprehensive services like application, receipt, and use of project-related subsidies in Busan.

This partnership comes at a time when the world is rapidly shifting towards digitalization, and nations are exploring the potentials of emerging technologies such as blockchain. Blockchain technology is a decentralized digital ledger that records transactions securely and transparently, making it an ideal infrastructure for digital identities and assets. By taking advantage of this technology, Busan’s government aims to enhance its digital infrastructure and provide citizens with seamless services.

The pilot project also shows Busan’s commitment to its citizens’ welfare by providing an innovative and effective way of administering services. The blockchain-based platform will enhance the transparency and efficiency of the subsidy application process, minimizing bureaucratic bottlenecks that can frustrate the citizens.

Another critical aspect of this project is the partnership between the government and a private institution, Busan Bank. Through this partnership, the government can leverage the private sector’s financial capabilities to fund the platform’s development and operations. This public-private partnership model is an innovative way to stimulate growth and development in various sectors of the economy.

The estimated investment of 3 billion won (about 2.32 million US dollars) in the next two years by Busan Bank shows its confidence in the project’s potential. As the project progresses, it could serve as a model for other sectors and regions to adopt similar projects to streamline their services.

In conclusion, the Busan government’s partnership with Busan Bank to establish a blockchain-based integrated citizen platform is a significant step towards digitalizing the city’s services. The project has the potential to enhance transparency, efficiency, and accessibility of services to citizens. The partnership with Busan Bank provides an innovative model that could stimulate growth and development in the city’s economy.

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