$100 Billion Fund To Boost Blockchain Technology-Seoul’s Mayor recently announced that it, the Capital city of South Korea is creating a blockchain complex which will house 200 companies along with 100 billion in won funds ($88 million) to promote talents in the zone!

Blockchain Projects

Through private and public investments the fund will be raised to support blockchain projects and activities. This announcement came from Zug (Switzerland), reports by ZDNet.

The city’s mayor also expressed support for and trust in blockchain technology in his press release statement. He even went as far as to say that he believed the fourth industrial revolution will obviously be centered around blockchain technology as he expressed his desire for Seoul to be at the heart of this industry’s ecosystem.

The revolution can be brought through the blockchain technology. The blockchain is connected to cryptocurrencies because this helps in keeping track of transactions. By utilizing this system,  participants get rewarded in the process for the work they do. Moreover, the technology is capable of attracting nearly every branch of industry.

Investments

$100 Billion Fund To Boost Blockchain Technology-Seoul will begin with the fund when about 13.6 billion is won and the rest will be raised through private and public investments. $88 million is the anticipated fund which will be used for facilitating tours, conventions and other respective promotional events.

Seoul has other plans for building housing complexes in two of the city’s districts. Those districts could be Gaepo and Map. Both these housing complexes can host about 73 blockchain companies. Although, by 2021 Seoul plans to expand it. The ultimate goal is to create the Seoul Global Block center, which will accommodate 120 excess companies.  

Park in his announcement stated that 60.3 billion is required to build two complexes which also includes creating two training centers. The plan for the next five years is to cultivate  730 experts in the domain of blockchain. And the mayor has already these plans by entering into partnerships.



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