Incheon City, which is promoting the creation of a blockchain-based digital economic zone, has thrown down the gauntlet to attract the 'Blockchain Technology Innovation Support Center.'
On the 27th, Incheon City announced that it had submitted an application and business plan to the Ministry of Science and ICT for the establishment of a regional blockchain technology innovation support center.
The blockchain technology innovation support center construction project involves metropolitan local governments investing 1.8 billion KRW each from national and local budgets to discover innovative services combining regional specialized industries and blockchain technology, build a blockchain test platform for fostering local companies, and establish a service commercialization support system.
The Ministry of Science and ICT plans to evaluate the local governments that submitted applications next month and select one location as the center.
Blockchain refers to data tampering prevention technology based on distributed computing technology. Amid the global digital transformation era, South Korea’s IT industry trend is evolving based on blockchain, and Incheon City also plans to proactively respond to technological changes such as Web3.0 and NFT (Non-Fungible Digital Virtual Assets) in line with this trend.
As part of this plan, Incheon City emphasized that it is the optimal location for creating an innovative ecosystem in the 4th industrial sector and is striving to attract the Blockchain Technology Innovation Support Center.
Incheon is home to more than 20 blockchain specialized companies and over 4,700 digital-related companies. Additionally, leading companies in the bioindustry such as Samsung Biologics and Celltrion, as well as an Artificial Intelligence (AI) Innovation Center, are located in Incheon.
Incheon City also presented a plan for creating a blockchain industry ecosystem. If successful in attracting the center, it plans to establish base spaces supporting blockchain companies at the Songdo International City Global Campus and the Jemulpo Smart Town in Michuhol District.
Furthermore, it will build a mainnet supporting convergence technologies with regionally specialized bio-health industries, support development environments and service demonstrations, support demand-driven business model (R&BD) development, foster global leading companies, and host global conferences.
Prior to this, Incheon City recently commissioned a 'Four-Year (2023?2027) Master Plan Study for the Creation of a Blockchain Hub City.'
The creation of a blockchain hub city is a key campaign pledge of Mayor Yoo Jung-bok. Through this study, Incheon plans to establish strategies for activating the blockchain industry and enhancing the city brand, including the creation of a digital economic zone based on blockchain technology, discovery of Incheon-specific service models, talent development, and company attraction.
Mayor Yoo said, "Incheon is the optimal location for creating a digital economic zone based on the 4th industrial revolution, possessing a world-class bio-health cluster and economic free zone. We will leverage our strengths, including excellent digital companies and talent, and optimal conditions such as an international airport and port, to surely attract the Blockchain Technology Innovation Support Center."
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