South Korea's second largest city, Busan, is developing the Blockchain Special Zone. The city has announced a three-year extension of the term for the Blockchain Free Zone.

According to local media reports, Busan Metropolitan City in South Korea announced on the 27th that the designated period of Busan Blockchain Free Zone has been extended for three years until 2027 after approval from the Ministry of SMEs and Startups. Currently, Busan is the only blockchain free zone in South Korea and is continuously exploring the development of innovative services using blockchain technology and commercializing them.

South Korea's second largest city develops blockchain special zone, CZ also signs MOU.

Busan Metropolitan City is the second largest city in South Korea and is also known as the port city because it has the largest port in South Korea, Busan Port. Busan Blockchain Free Zone was first unveiled in 2019, and since then the city has been committed to promoting various applications of blockchain technology. However, it is worth mentioning that the Busan Blockchain Free Zone (Regulatory-free Zone) covers the entire Busan Metropolitan City, not just a specific area.

In the Instagram posts of CZ, the big brother in the crypto world, we can see that in 2022 he met with Park Hyung-joon, the mayor of Busan, and signed the first blockchain memorandum of understanding for the Busan Block Chain Free Zone. He wrote in the article that this is a process to promote mass adoption.

Block chain development examples: real estate public sale fund and medical data

The news mentioned recently that Busan is developing real estate investment platform Bbrick and medical data platform BHealthy to illustrate that the city is currently using Blockchain technology to provide new possibilities for real estate investment and medical data utilization. The two projects, Bbrick and BHealthy, were originally scheduled to end by the end of this year, but with the approval of temporary permits, these projects are expected to continue until 2027, the next deadline for temporary permits. This means there is still a chance to extend or transform into a formal Blockchain special zone.

Real estate investment platform Bbrick is a public sale fund primarily used for investing in real estate in the Busan area. It is a service that utilizes blockchain technology to issue digital certificates to general investors and distribute operational profits. The medical data platform BHealth is a service where companies collect medical data from hospitals as agents with the consent of individuals. The data is processed anonymously and used to provide benefits to individuals.

Busan: The extension of the special district permit represents the city's five years of effort.

Other participants in the blockchain special zone project include Sejong Telecom, AI Platform, and six other special zone operators. They stated that they will continue to operate their businesses without regulation in the next three years and explore profit models.

This article reports that Busan, the second largest city in South Korea, is developing a Blockchain special zone. The city has announced a three-year extension of the deadline for the Blockchain Free Zone. This was first reported by Chain News ABMedia.