ReTrust and GroundX Host Web3 in BUSAN, Jumpstarting the Busan Blockchain Ecosystem

ReTrust, in partnership with GroundX, hosted the ‘WEB3 in BUSAN’ event on November 23rd in Busan’s blockchain regulation-free special zone, in collaboration with local blockchain companies. At the event, ReTrust introduced a new concept of NFTs that can be circulated on public blockchains while managing permissions in private domains. Demonstrations included web3 marine insurance certificates, cargo tracking services, and third-party issuance containing sensitive information.

CEO William Wooseok Jang remarked, “Traditional public blockchain-based NFTs have the significant advantages of easy circulation and transparency, but they present considerable limitations for corporate use. Managing sensitive information is a crucial aspect for enterprises utilizing blockchain, and our newly unveiled openGuardNFT solves this issue.” The event further delved into the innovative features of openGuardNFT, offering more convenience and security than existing blockchain services.

“Insurance certificates encapsulated in openGuardNFT can be conveniently managed within GroundX’s digital asset wallet ‘Klip’, accessible through KakaoTalk and the Klip app,” Jang explained. “By utilizing various images, links, and tracking information accessible only to the NFT owner and making them available to a third party designated by the owner, we have enhanced the industrial applicability. The aim is to refine usability based on virtual certificates and eventually service actual documents.”

The event also featured the introduction of GroundX’s NFT alliance ‘GRID Alliance’, along with presentations from Busan-based blockchain companies on their services, either in commercialization or nearing commercialization. Companies like Pridge’s Greever, Okyc’s Ozirapper, and Medifun’s Medinomi showcased their new web3-based services. Following this, ReTrust signed a business agreement with Busan-based insurance platform company Nexol, planning to convert various insurance product certificates to web3.

The significance of this event was heightened by the support of Busan Techno Park, Busan Economic Promotion Agency, and global CDN leader Akamai Korea. It presented a blueprint for various blockchain startups in Busan’s blockchain special zone to unfold public-private partnership projects.

Lauren Kim, team leader at GroundX, stated, “This event revealed the potential for web3 companies to grow and evolve in Busan’s blockchain special zone. With just a bit more groundwork for web3 businesses, the synergy between GroundX’s infrastructure, domestic and international network, and Busan’s blockchain companies could be significantly enhanced.”