Busan launches blockchain cluster project targeting global markets

The Busan city government held a launch briefing Tuesday afternoon at the Busan International Finance Center for its "2026 Blockchain Specialized Cluster" project, bringing together 19 companies selected through this year's open call along with investment institutions — accelerators and venture capital firms — to align on project direction and build a cooperative framework.

The city has been building blockchain infrastructure since 2019, when it was first designated a "blockchain regulation-free zone," concentrating its efforts on clustering business support facilities, cultivating talent and fostering a regional new-industry ecosystem. Building on those results, the blockchain cluster project pairs the city with the Ministry of Science and ICT in a three-year initiative running from 2024, with each side committing 10 billion won (about $6.47 million) for a combined total of 20 billion won to grow the local blockchain sector.

An open call for joint project proposals launched in March drew strong interest, with competition reaching five applicants per slot. Three projects across two categories were ultimately selected, involving five companies in total.

In the designated-task category, Smart M2M and Portnex were chosen for their project to commercialize a blockchain-based real-time information-sharing platform for maritime and port logistics. In the open-task category, iCuca won selection for a blockchain-based Busan smart-city life platform, while Marinachain and DB Securities were picked for a project to develop and commercialize a blockchain-based carbon-reduction security token offering platform.

The "business commercialization support" category drew applications from 40 companies, of which 14 were selected. The program channels commercialization funding to early-stage and growth-stage local companies to drive sales growth and job creation.

The city plans to leverage flexible regulatory environments in global markets to expand growth opportunities for participating companies. Targeting key markets — Singapore in April, Europe in June and Vietnam in September — the city will support individual companies with investor relations activities, business consultations and travel costs, building a "global scale-up" environment that enables local firms to compete on the world stage.