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Malaysia to Build 835-Acre Blockchain City

Malaysia to Build 835-Acre Blockchain City

A new massive blockchain project called Melaka Straits City is planned for Malaysia with fundraising of USD 120 million needed in its initial stage.

The idea is to make the blockchain city not only functional for a range of business enterprises and educational services, but also a major tourist attraction with the Ministry of Tourism of China predicting that 3 million tourists could visit it every year.

The city will be built on over 835 acres off the coast of Malacca in a project backed by the government of China and construction and engineering company China Wuyi. The plan is to allocate 200 acres of the marine area or building chalets and water recreation facilities. Malacca, dubbed “The Historic State”, is a state in Malaysia located in the southern region of the Malay Peninsula, next to the Strait of Malacca.

The features that give its unofficial “blockchain City” tag include a 32-hectare spread of land including kindergartens, colleges, universities, and student dormitories. Melaka Straits City will primarily be promoted as an educational center along with the tourist and sustainable development elements, which are the brainchild of the current owners of the land SWT International Sdn Bhd.

Over different periods Malacca was colonized by the Portuguese, the Dutch, and the British, and in 2008 it was included in the UNESCO World Heritage Sites List. Melaka Straits City’s official spokesperson Lim Keng Kai says that the construction will be futuristic, but also with a nod to Malacca’s rich historical past pointing out:

“That is why we’ve planned to build a distinctive cultural street in the center of the city. It will be inspired by the styles of different colonial eras and is going to make tourists familiar with Malaysian traditions and history.”

It is important to note that the Malaysian government has a high level of awareness regarding the crypto sector. Malaysia is still adapting to the spread of cryptocurrency with recent regulations introduced aimed at bringing more transparency to the sector in order to increase the trust level of investors.


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Seoul Mayor Unveils Broad 5-Year Blockchain Infrastructure Plan

Speaking in Zug, Europe’s “Crypto Valley”, Seoul Mayor Park Won-soon, reaffirmed his campaign promises by announcing a robust plan for blockchain funding and development in the capital city.

Blockchain hubs

During his Crypto Valley stop on an 11-day European excursion, Park revealed his intentions to foster blockchain technologies in Seoul with a city government fund of KRW 100 billion (USD 88.9 million) for blockchain startups by 2022.

Korean news website Joongang Daily reported that local government entities will too be building on this. The Seoul Metropolitan Government said that it is set to establish two technology complexes by 2021; it will house a total of 200 blockchain companies at the Gaepo Digital Innovation Park and the Seoul Innovation Hub.

In a statement, the Seoul Metropolitan Government also said, “In the Gaepo Digital Innovation Park, we intend to build a separate blockchain building by 2021 to attract start-ups, small and medium-sized companies as well as conglomerates working in the field both in and out of the country to do more R&D work in the sector.”

There are also plans in place to establish two training centers at these locations to nurture a new generation of 730 blockchain experts over the next five years. South Korea’s Ministry of Science and ICT approximates that there are presently around 600 blockchain experts in Korea, claiming that this is not enough to have a “globally competitive edge in the sector”.

Crypto Valley

The famed Crypto Valley of Zug in Switzerland is where renowned blockchain firms such as the Ethereum Foundation and ConsenSys operate. According to South Korean media outlet Yonhap News, Zug is also home to around 250 “blockchain-based” companies.

Park said at Zug city hall, “It is the plan of the Seoul city government to create an ecosystem of blockchain here, with hopes that the city will be globally recognized as a blockchain hub… We will try to attract many blockchain experts into Seoul, just like Zug. For this, we will need to establish an environment that is friendly for innovative blockchain companies.”

Seoul, “Testbed City”

The city is also to experiment with 14 blockchain projects over these next five years, as part of this plan, blockchain technology will be implemented into Seoul’s administrative processes, which Park believes will “set a precedent for all cities in Korea”.

Referencing the 1.15 million people in Seoul who are recipients of welfare funds, the mayor believes that the blockchain will remove the difficulties of paperwork and verification processes that usually go through multiple agencies before they can get support.

He adds, “Seoul is truly a testbed city for the technology. And I think if anyone, the city government of Seoul should lead this innovation.”

A notable project that was revealed is the combination of blockchain tech and a voting platform, which according to the city government, will increase public confidence in vote results. This project appears to offer versatile options beyond that of the political spheres.

To give an example, Park described a scenario in which tenants of an apartment complex in Seoul could vote on whether or not it should be renovated, and that blockchain technology enables this system to be trustworthy and increase voter turnouts.


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