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Seoul to Promote Blockchain Through a 100 Billion Won Fund
The Mayor of Seoul has unveiled plans that will further promote blockchain industries. His plans include a 100 billion won fund, as well as a large blockchain complex that will house over 200 companies.
Expanding the Blockchain Industry
Park Won-soon, Seoul’s acting Mayor rolled out the plans that aim to increase blockchain exposure and development.
This announcement came today from Zug, Switzerland, reports ZDNet. On his 11-day trip throughout Europe, the Seoul Mayor announced a five-year plan that will host over 200 companies. Furthermore, he plans to create a fund for supporting blockchain projects and activities.
In his announcement, Park expressed support and faith in blockchain technology. He stated that the fourth industrial revolution will undoubtedly be centered around blockchain. He expects it to shape the future, and allow Seoul to become the center of this industry’s ecosystem.
Blockchain, which is known for its connection to cryptocurrencies, can revolutionize existing industries. It is capable of performing and keeping track of transactions without any central server. Instead, participants themselves can do all the work, and get rewarded in the process. So far, the blockchain is said to have the potential of reaching and affecting nearly every branch of industry.
Seoul Blockchain Plans
Seoul will start the fund with around 13.6 billion won. The rest is expected to come via public and private investments. Eventually, the fund is expected to reach 100 billion won ( million). It will be used for supporting tours, conventions, and similar promotional events.
As for Seoul’s other plan, large housing complexes are to be created within existing buildings in two of the city’s districts. Districts in question are Gaepo and Mapo. Together, the two complexes can host around 73 blockchain firms. However, Seoul plans to expand them further by 2021. The end goal is to create the Seoul Global Block Center, which will house 120 more companies.
Park claims that the two complexes will require around 60.3 billion won to be built. The project will also create two training centers. These will cultivate around 730 experts in the field of blockchain within the next five years.
Seoul has already started entering partnerships to kickstart these plans. So far, these include Kakao’s blockchain subsidiary, Ground X, as well as Samsung SDS.
Featured image from Shutterstock.
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How Blockchain Can Promote Sustainability and Thwart Climate Change
The impacts of blockchain technology are undeniable, and it has already begun to have a tremendous effect on a plethora of industries. That being said, a newfound use case for blockchain proves that the technology could impact far more than supply chains, logistics, and finance.
It could potentially solving one of the world’s most pressing issues: climate change.
During a special United Nations meeting in Geneva, Switzerland, Dr. Philippa Ryan, a blockchain expert at UTS Law, explained to more than 600 representatives from 160 countries just how the technology underpinning Bitcoin could reduce the progression of climate change.
Blockchain May Be Climate Change’s Greatest Enemy
Dr. Ryan presented his views on the impact of blockchain on climate change during the International Organization Standardization (ISO) week, in which foreign dignitaries viewed several presentations from various industry experts on how to best incubate sustainability, green energy, and how to best combat climate change.
Dr. Ryan’s presentation specifically focused on “Goal 13 – climate action,” which is focusing on how to best promote sustainability for nations that rely on traditional, emission causing, methods that are pivotal parts of the respective nation’s infrastructure.
Dr. Ryan explains that adopting green and sustainable electricity production is easier for developing countries, as they do not have to worry about overhauling their current systems, which would be inefficient and expensive.
“For example, disrupting Australia’s way of producing electricity to reduce emissions is challenging because the incumbent industries, infrastructure, systems and processes are significant contributors to the economy,” Dr. Ryan explained.
She says the current focus should be on promoting sustainability in developing nations that can start fresh, where cities, communities, and villages can use blockchain technology to manage their systems.
“Using solar panels, communities and villages can generate, store and use their own energy and the whole system can be managed securely using blockchain technology.”
Although at first this may not have any impact on human-caused climate change, as these societies develop and become major producers they will be fully sustainable, and the impact on the climate will be sizable.
The key to utilizing a fully sustainable platform that works cohesively and is easy to manage is the blockchain, Dr. Ryan explains.
“With no central controller or regulator of the system, everyone in the grid community must be able to trust the ledgers which record how much energy is generated, stored, bought and sold within and across the network. The technology [blockchain] provides a transparent, auditable and automated market trading and clearing mechanism for the benefit of producers and consumers.”
The World Economic Forum also recently released a report that corroborates Dr. Ryan’s claims, explaining that blockchain and decentralized solutions can impact climate change, explaining that it is particularly useful in examples where it enables:
“… cleaner and more efficient decentralized systems; peer-to-peer trading of resources or permits; supply-chain transparency and management; new financing models for environmental outcomes; and the realization of non-financial value and natural capital.”
Featured image from Shutterstock.
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