ConsenSys an ethereum development studio to work in partnership with China in developing Xiongan Dream city. The development will seek to utilize Blockchain innovation in improving the city into a dream city. The project is pioneered by the Communist Party of China and its President Xi Jinping. The two parties involved, ConsenSys and the communist party have signed a memorandum of understanding MOU on how ConsenSys would be of help in advising Xiongan official on how best to utilize blockchain innovation.
Blockchain Innovation in Developing Xiongan ‘Dream City’
ConsenSys an ethereum development studio to work in partnership with China in developing Xiongan Dream city. A memorandum of understanding MOU has been signed on the role ConsenSys will play in advising the Xiongan official in developing the dream city.
The project according to the founder of Consensys, who is also a co-founder of Ethereum states that “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.”
Far back in the year 2014, Xi Jinping, the president of China tagged the Xiogan project as a “personal project”. The project is proposed to span over three Chinese cities, and it will also stand as a symbol of the might of Xi Jumping’s administration as the features are expected to surpass economic zone created by his predecessors. Cutting edge innovation will be used in the urban planning, green living and hi-tech implementation of the futuristic city which will be fully completed in 2035.
The project of Xiongan will also accommodate many of non-official function of Beijing, which include hospitals, business institutions, colleges and other financial and public institutions. Over 6.7 million people are expected to move to Xiongan in the next decade, and the project is estimated to cost 2.4 trillion yuan ($348 billion).
Even though China’s government has banned cryptocurrencies, it still recognizes that blockchain and cryptocurrency innovations, saying are the future of technology. That is why the dream city Project of Xiongan will be utilizing the blockchain technology to meet up with the future. The Xiongan project will be working in partnership with Chinese blockchain developers in the project, such as Tencent, Ant Financial and Qihoo 360.
This partnership is not the first for Consensys, who has also partnered with the Saudi Arabian government and Dubai, all for collaborating on blockchain innovation.
As China takes Blockchain seriously with its development, it behooves the country to also accept cryptocurrency, so that it will not be left behind in the future technology.