Incheon Metropolitan City, home to South Korea’s largest international aerodrome, made a significant announcement on October 16. The city revealed a comprehensive four-year plan, aiming to establish Incheon as a central blockchain hub technology and a leader in the digital economy.
This ambitious strategy is set to be implemented from 2024 to 2027. Incheon entrusted the formulation of this plan to an external entity back in April. Mayor Yoo Jeong-bok’s primary policy ambition is to shape Incheon into a blockchain epicenter. Under his leadership, Incheon passionately commits itself to cultivating an industrial ecosystem.
This ecosystem fervently champions the digital economy, placing a particular emphasis on blockchain technology, a recognized cornerstone of the Web3 era.
Incheon’s Vision: Transforming into a Blockchain Hub of Innovation and Convenience
Incheon has meticulously designed a blueprint for the next four years. Its primary objective is to transform into a city that encourages civic participation, fosters long-lasting development, and promotes innovation.
Additionally, it aims to provide a favorable environment for businesses and advance technological progress. However, to kickstart this transformation, Incheon plans to establish a blockchain mainnet in 2024.
This infrastructure will serve as the foundation for the expansion of related services, offering residents firsthand experiences of unparalleled convenience.
Incheon’s Pioneering Integration of Blockchain Technology for Enhanced Civic Services
Incheon aims to simplify the process for businesses looking to adopt blockchain technology by developing blockchain infrastructure, including mainnets and testnets. This effort will enhance accessibility, even for entities without extensive technological resources or significant capital, enabling them to create blockchain-based services within the city.
Notably, the city has identified a range of blockchain-based public services for its residents. One notable innovation is the development of digital wallets that utilize resident identification cards through decentralized identifiers (DIDs).
These digital wallets offer a straightforward, all-in-one solution, making it convenient for residents to access various public services.
As an example, citizens of Incheon can gain entry to public facilities, obtain discounts, make online reservations, and accumulate loyalty points through the user-friendly authentication provided by these digital wallets.
Incheon’s Blockchain Hub Vision
Incheon has also taken the initial steps to create a dedicated cluster for the blockchain industry within the Incheon Free Economic Zone (IFEZ). Notably, the plan involves attracting a center that promotes innovation in blockchain technology in the Songdo area of Incheon.
Furthermore, the city will make concerted efforts to establish a global collaborative network and attract foreign investment funds to strengthen the blockchain ecosystem.
Notably, the four-year blueprint delves into detailed objectives. These objectives include establishing a system for nurturing blockchain talent. It also involves fostering an environment conducive to improving governance and policies.
Additionally, there is the initiation of a promotional campaign aimed at enhancing Incheon’s competitive edge on the global stage
Son Hye-young, the leader of Incheon City’s Data Industry Division, highlights their ambitious vision to become a blockchain technology hub. The four-year strategy is a key step in achieving this goal.
She also expressed the city’s unwavering commitment to actively bolster the growth of enterprises in this sector and deliver tangible and advantageous services.
The detailed implementation strategy for this master plan is scheduled to be revealed at the Global Blockchain Incheon Conference (GBIC) in 2023. This two-day event is set to commence on the 30th of October at the Songdo Convensia.