Copy link
Increase text size
Decrease text size
Link copied

Wanxiang, PlatON collaborate to build blockchain-powered smart city in China

Fri, 21 Jun 2019, 06:19 am UTC

China’s automotive giant Wanxiang Holding Co., Ltd. and PlatON, a blockchain-based tech firm, have partnered to develop a “smart city” in Hangzhou, which is slated to be completed by 2025, according to a report by CryptoNinjas.

As per the report, the smart city, called Wanxiang Innova City, will utilize the blockchain-powered solution of PlatON for a number of purposes, including securing sensitive data like resident identification cards, monitoring driving behavior, checking electric vehicle life cycles, and managing ecological waste effectively.

Imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power grid that incentivizes energy generation and trading, or even a myriad of urban services that can be validated, built, and offered at ease without the constraints of rigid data silos,” Vincent Wang, Chief Innovation Officer at Wanxiang, was quoted saying.

PlatON’s blockchain infrastructure will also connect corporations and individuals to various services that will soon be available in the smart city, thus providing more efficient, seamless, and transparent public services and transactions.

With our use of Multi-Party Computation (MPC) and other privacy-preserving technologies, we can ensure the privacy of sensitive data including digital identities of residents, smart equipment, and personal devices, as they interact with one another on a shared ledger,” Ada Xiao, PlatON’s Chief Strategy Officer, said.

Wanxiang has reportedly committed $29 billion to build the 8.3 square kilometers Wanxiang Innova City. Once completed, it is expected to contain 90,000 individuals and feature an International Research and Innovation Park and Wanxiang’s automotive facilities with electric vehicles.

Meanwhile, China’s Fuzhou City is also luring blockchain businesses by providing rent subsidies and incentives for corporations that develop and construct industrial blockchain platforms.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,061.76 (+2.32%)
  • Ethereum (ETH) $175.34 (+4.16%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $354.92 (-0.87%)
  • Bitcoin SV (BSV) $263.60 (-0.76%)
  • Bitcoin (BTC) $9,061.76 (+2.32%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft