Xiongan New Area, Chinese president Xi Jinping’s ambitious plan to build a dream city, has signed a memorandum of understanding (MoU) with the U.S.-based blockchain startup ConsenSys to implement blockchain technology into the region’s core infrastructure, according to South China Morning Post.
Earlier in April, the Chinese government published its master plan for Xiongan, which includes implementing cutting-edge technologies such as blockchain and cognitive computing in order to position the region as an innovation hub.
Under the MoU, CoinsenSys will advise the government on how to leverage blockchain technology to build smart city infrastructure and provide software solutions. In statements, ConsenSys said that the two sides will
“follow with agreements addressing different aspects of this innovative multi-faceted initiative, and establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.”
This marks the first known case in which an overseas company has been brought on board to implement blockchain technology in Xiongan. Previously, the local government collaborated with domestic companies, including Tencent, Ant Financial, and Qihoo 360, to implement the technology in areas such as finance, house renting, and cybersecurity.
“As one of our first major projects in the People’s Republic of China, we are excited to help define the many ‘use cases’ that could benefit from the trust infrastructure enabled by ethereum technology,” ConsenSys founder Joseph Lubin said.
