Seoul Mayor Park Won-soon Wednesday underscored his ambition to strengthen Seoul’s position as a leading location for blockchain innovation at an international scale.

During his visit to the city of Zug, home to Crypto Valley which houses blockchain startups, engineers, producers, and researchers worldwide.

unveiled a five-year plan to foster blockchain startups and use blockchain technology in administrative services for citizens.

Park said Seoul would invest 120 billion won in five years for introducing blockchain technology and housing startups and researchers.

It will invite 23 startups in the Mapo District and 50 in the Gaepo District soon. Additionally, a new space will be available for housing 120 blockchain startups by 2021, he said.

The Seoul city will also open classes to foster 760 blockchain producers and researchers. It will sponsor up to 100 million won to an international blockchain event.

The city has designated 14 pilot projects to use blockchain platforms in providing services to citizens, including birth, death, marriage, real estate transactions, property registry, distribution, medical and welfare services, poll book, e-voting and used car transactions.

Mayor Park said interest in and expectation for blockchain, a core technology in the Fourth Industrial Revolution, has been growing worldwide. He said blockchain would disrupt and revolutionize the industrial ecosystem and public administration services.

He also said blockchain is also an innovative growth engine for upgrading Seoul’s global competitiveness. He said he would make efforts to make Seoul the capital of the global blockchain industry.

Mayor Park has also signed a sister city agreement with Zurich Governor Thomas Heiniger during this visit to Switzerland.

The major said Seoul would expand exchanges with Zurich, especially sharing of creative and sound policies to foster blockchain. He visited Zurich-based Trust Square, which Switzerland claims to be the world’s largest blockchain hub.