Park Won-soon, the Mayor of Seoul, has proposed a five-year plan for the implementation of Blockchain Technology in the city. The project has been titled as “Blockchain City of Seoul”, reported Yonhap News on Thursday, October 4.

Explaining the proposal, the mayor said that the report contains detailed plans for exploring Blockchain Technology. The target is to implement all the applications of blockchain in the city from the year 2018-2022.

The project plans to set up a public-private fund worth 100 billion won ($88.2 million) by the year 2022. This money will get invested in various blockchain startups in Seoul. Further, the City Government will also add an amount of 13.6 billion won ($11.9 million) to support the motive.

Besides this, the plan consists of the building of two business centres with an investment of 60.3 billion won (53.1 million). These two centres will house 200 blockchain firms by 2021. These firms will then manage two educational centres with an aim to train 730 industry experts within 5 years. The two business centres will be located in the Western and South Eastern parts of the city.

According to ZD Net Korea, the city’s administration will also be done using Blockchain Technology. Thus, the government has planned to launch 14 blockchain – powered systems like the voting system, vehicle history reports and charity management. This will provide a fair running of the city’s administration under the project ‘Blockchain City of Seoul’.

Moreover, Park has also stated that Blockchain Technology is the future of technologies. He also said that distributed ledger technology can roll out his idea of making Seoul as the centre of a blockchain ecosystem.