Government officials in China’s South Eastern province of Xiong’an have employed the services of ConsenSys. ConsenSys is an incubator from the Ethereum network. It is going to use the power of blockchain technology to convert the agriculture-centric economy into a technological center.
The Push for Blockchain
The South China Morning Post reported on the 24th of July that the authorities are well under way to fulfill the President’s dream. The President Xi Jinping wants to see China’s first smartly planned city come into being. Xiong’an province authorities are on their way to fulfilling that dream.
Jinping believes that Xiong’an is the likeliest to succeed in building a dream city. The industries of AI, energy sciences and biotechnology boosting the local economy can make that possible. The market analyst Morgan Stanley has projected a huge investment in the region so far. According to their figures, the investment is north of $360 billion. This figure is from October of 2017. It is possible that the figure is much higher by this point.
The May of 2018 saw Xiong’an announce that it will be leveraging the power of blockchain technology and AI for the development goals.
ConsenSys is now employed as a consultant on blockchain technology. Every aspect of blockchain technology used to build this city will have ConsenSys’ oversight. It includes the possible administrative utility of blockchain technology for the city. Everybody knows that China does not trust cryptocurrencies. This move shows they have a lot of faith in blockchain technology.
ConsenSys will focus on providing blockchain framework and software solutions to the region. They even signed a memorandum of understanding to cement their partnership.
The founder of ConsenSys said that this project is one of the first major steps into China. This will lead the way for the technology to be used for large scale infrastructure. Everything from whole districts to even cities might be able to use the new technology.
This partnership is also the first time that the province is using services of a foreign company instead of local ones.
Blockchain Project Already Underway
This isn’t the first blockchain project for Xiong’an. They have partnered with China Communications Construction Company as well. They’re working together to create a blockchain platform for small companies to raise capital. Companies using the platform saw plenty of benefits of using the technology. The ConsenSys partnership is a big move for the Chinese province. There is a lot for the region to look forward to with this move.