It has not been long since Jeju Island lost out to Busan to become a “regulation-free” zone in South Korea, so now they have come up with an alternative. On August 14, the island located 282 miles south of the capital city of Seoul, announced that they have established a “Global Blockchain Hub City Development Research Service.”
The island announced that they would be investing 175 million won ($145,000) to research into creating what many are calling “Bit Island.” The project will be developed in partnership with Tilon, a Seoul based company that specializes in secure virtualization.
Jeju Island lost out to Busan, the second-largest city in South Korea, in April. This made Busan the preferred location for the blockchain regulation-free zone.
While many would’ve chosen to lick their wounds and move on, Jeju did not take this lightly. The island had hoped to become the local initial coin offering (ICO) hub should they have been given the regulation-free status. However, now they have sought to still make themselves a player in the blockchain and cryptocurrency industries.
To achieve this goal, the island, and Seoul based firm Tilon will work to analyze and investigate the uses of this technology as well as derive services. They will look to develop a blockchain service that is specifically suited for the island.
Tilon will examine current advancements in both the U.S. and the U.K, looking to see if they can help to develop a road map to make BitIsland a reality. In doing so, they hope to create another blockchain hub that will rival Busan, even if they do not have the same designated status by the government.
According to the future strategy director of Jeju Island, Noh Hee-seop, “We expect that this research service will contribute to the establishment of Jeju as a blockchain hub city that maximizes the potential of blockchain technology, the core technology of the 4th Industrial Revolution.”
Jeju Island has made the development of blockchain technology and its uses with crypto-related services a priority. In 2017, they published the Modified 2nd Comprehensive Plan Jeju Free International City, their comprehensive plan to reach these goals. The island has long been looking to circumvent the country’s ban on ICOs by using it special status, one it hoped would become augmented by the regulation-free zone status.
Yet, they still do have a status that enables them to be able to create this type of technology that could make them a key hub for investors and traders. At least, this is the goal that they have been looking to achieve.
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