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Blockchain To Help Develop Chinese City Sanya

17:39 15/11/2018

Ping An Insurance Group, one of the global leading insurance companies from China, has signed an agreement on cooperation with the municipality of Sanya, the resort city on Hainan Island, to create a “smart city”, Cointelegraph reports referring to local media.

 

The treaty was signed within the framework of the strategic development of cities in China. The project involves the use of blockchain, AI, cloud computing, biometrics, and other innovative solutions.

State news agency Xinhua News has confirmed this information. According to its data, Ping An Group intends to invest 30 million yuan (about $4.3 million) in the expansion of the city for the implementation of the ‘smart city’ project, the provision of financial products and services, and the use of insurance funds.

 

Previously, JD Finance, a subsidiary of the Chinese financial corporation JD.com in Nanjing, founded the Smart City Research Institute, which aims to study blockchain and other technologies to develop the infrastructure of Chinese cities.

Besides, in South Korea, a neighboring country to China, Seoul mayor Park Won-soon reported on the development of the Blockchain City of Seoul plan, which envisages the expansion of the blockchain industry, as well as the introduction and promotion of innovative technologies in the capital until 2022.

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