JBCSCCA (Jeju’s Blockchain Smart City Organization) for vitalizing blockchain industry in Jeju Island and securing global competitive edge was established on the 6th. Its first chairman is Kim Myung-man, who was a former assemblyman in Jeju Island.
200 representatives such as personnel from Jeju Island such as Kim Tae-hwan, who is a former mayor of Jeju Island, and CEO Lee Ik-soon of Allbit and CEO Kim Sung-soo of useB attended the inaugural ceremony of Chairman Kim Myung-man that was held at a Jeju hotel on the 6th.
Chairman Kim drew people’s attention by stating that he is going to create blockchain-specialized complex and establish a cryptocurrency exchange.
“Blockchain technology, which can be applied to wide range of areas, is an important technology that can decide one’s success or failure within Industry 4.0.” said Chairman Kim. “JBCSCCA will support blockchain companies and push for creation of blockchain-specialized complex within Jeju Island.”
“We are going to form network with global companies and government organizations that are working on creating Smart Cities and also have technical partnership with relevant projects.” said Chairman Kim while stating that he Jeju will be the blockchain Smart City that will represent South Korea.
Roger Ver, who is a well-known person within blockchain industry, sent a congratulatory message during inaugural ceremony.
JBCSCCA also introduced its 11 upcoming projects.
Along with training of blockchain personnel and job creation, it is going to push for establishment and operation of a cryptocurrency exchange within Jeju Island, training of blockchain startups and recommendation of outstanding personnel from blockchain companies, maintenance of blockchain-related licenses, education of new technology, research for development of blockchain system, improvement in environment problems within Jeju Island through Smart City and blockchain technology, support and training of companies in relevant fields through blockchain funds, seminars through international exchanges, establishment of domestic and foreign network for blockchain industry-related organizations and companies, and issue of journals.
JBCSCCA signed a partnership with Walton Blockchain Institute back in January to carry out blockchain education and research projects. Walton Blockchain Institute is currently working on blockchain personnel training project by Ministry of Science and ICT.
It is going to hold education program in early April for beginners in blockchain business. “We are going to provide education and healing at the same time in Jeju Island that is blessed with gift of nature.” said Jeon Yoo-mi, who is the head of JBCSCCA’s Education Business Group. “We are going to carry out differentiated education program through training, support of startup companies, acquisition of professional licenses, and educational system.”
There was also a time to introduce Allbit, which was established one year ago.
“We are a decentralized exchange and we possess absolute security and credibility.” said CEO Lee Ik-soon of Allbit. “We are currently ranked between 10th and 50th based on exchange volume and our daily exchange volume is between $2.64 million (3 billion KRW) and $8.81 million (10 billion KRW).” He also emphasized that blockchain technology is a global technology and is a technology with huge growth potential and that Allbit will also contribute to work done by JBCSCCA.”
▪Bit-Island
One topic that drew most attention on this day was establishment of a cryptocurrency exchange. JBCSCCA announced that it would establish a cryptocurrency exchange called ‘Bit-Island’ in Jeju Island.
“It is shown that only 14% of people in South Korea currently invest into cryptocurrencies.” said Shin Chang-seop who is the head of Bit-Island’s Headquarters. “Bit-Island will be a normal exchange and its goal is to become a world’s first exchange to co-exist with Smart City.”
Exact timing for establishment of Bit-Island was not given during this event due to various factors such as relaxation of regulations.
Department Head Shin, who explained current trends such as Bitcoin, Ethereum, and Altcoin, emphasized that Bit-Island will be more than just a platform.
Bit-Island is currently working on opening virtual accounts. Department Head Shin stated that Bit-Island is currently working with three countries such as Russia.
CTO Lim Myung-jin of Bit-Island picked three technical characteristics of Bit-Island. He picked ‘strong database’ based on NoSQL that can store and search data regardless of its data size and process any amount of traffic, ‘Elastic Search’ that is a search engine based on Apache Lucene and is suitable for processing large amount of data and stores and analyzes data in real-time, and ‘AWS Lambda’ that is a server-less system and operates as a function and creates functions only when they are necessary.
“Based on these functions, Bit-Island implements speed that is several times faster than existing exchanges.” said CTO Lim while demonstrating transactions made by Bit-Island.