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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.
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