Metropolis of Busan Steps Towards a Web3 Era with the Implementation of Citizen Wallet Initiative
In a significant move, the Busan Digital Asset Exchange (Bdan), blockchain investment company Hashed, and Naver's fintech subsidiary Npay have joined forces to co-develop a decentralized digital wallet, named "Bidan Jumuni" or "Silk Pouch." This partnership marks a turning point in delivering citizen-first Web3 solutions that blend innovation, security, and accessibility in Busan.
The partners share a unified belief that this alliance represents more than a product launch, but rather a significant step towards transforming the digital landscape in Busan. Bdan, with its expertise in local governance and civic engagement, will shape services that reflect the needs and expectations of Busan citizens. Hashed, known for its successes in decentralized identity (DID) systems, non-fungible token (NFT) ticketing, and blockchain-based asset infrastructure, will contribute its expertise in Web3 architecture through its venture studio ShardLab. Npay, with a user base of over 34 million individuals, will bring its operational prowess in digital payments, finance, and e-commerce to the table, focusing on ensuring a smooth and familiar user experience while aligning with current financial compliance and transaction standards.
The planned wallet will serve as a core component of the city's proposed "Busan Super App" framework, which aims to centralize a range of civic and blockchain-powered services. This collaboration reinforces Busan's ambition to become a national and regional leader in the blockchain economy.
Bdan's leadership emphasized the importance of this development in advancing Busan's transition into a digitally empowered city, citing their previous achievement in launching Korea's first digital asset exchange backed by real-world assets. The alliance is viewed as a foundational step towards transforming how citizens interact with digital government and financial services in Busan.
Hashed and Npay expressed confidence that the collaborative approach will yield tangible benefits for the citizens of Busan, reflecting a model where technology serves public interest and community development. The partnership is structured to make use of each organization's respective strengths in blockchain technology, finance, and civic infrastructure.
The Busan Metropolitan City Government is coordinating the development of the decentralized digital wallet called "Bidan Jumuni" (Silk Pouch) for Busan residents. This initiative aims to drive forward a more connected and citizen-oriented digital ecosystem within South Korea's second-largest city. The partners aim to expand their collaboration beyond the development of "Bidan Jumuni" to include services that enhance everyday life for Busan residents, such as city-level platform integrations, digital credentials, and community-based engagement tools.
In conclusion, the Busan Digital Alliance is set to revolutionise the digital landscape in Busan, paving the way for a more accessible, secure, and innovative digital ecosystem that puts citizens at the forefront. This partnership underscores Busan's commitment to harnessing the power of blockchain technology to improve the lives of its residents and solidify its position as a leader in the blockchain economy.
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