In another news about China taking advantage of the technology behind alt-coins while banning the digital currency itself, officials behind the Xiongan New Area have partnered with ConsenSys, a cryptocurrency-based software company for consultation on the use of blockchain. The Xiongan New Area is Chinese President Xi Jinping’s ambitious dream to convert the dry area into a dream city.
Officials from the Xiongan government are going to take advice from ConsenSys on how to make the use of blockchains and deal out software solutions using the same, according to a statement from the company
regarding the memorandum both the sides signed upon in Beijing on Monday.
Joseph Lubin, the founder of ConsenSys, explained in the statement “As one of our first major projects in China, we are excited to help define the many ‘use cases’ that could profit from the trust infrastructure enabled by ethereum technology.” Lubin is also the co-founder of dominant blockchain network and second most valuable alt-coin in the world Ethereum.
This partnership with ConsenSys will mark the first known incident of an external overseas organisation being called in to participate in the Xiongan plan and help integrate blockchain into the city’s urban development schemes. The local government had earlier announced agreements with Chinese companies like Tencent and Qihoo 360 for blockchain integration into areas like finance and security and housing.
ConsenSys is an organisation that focuses on creating developer tools for ethereum, nurturing projects based in ethereum, and making global advertisements on the know-how of using blockchain, and employs over 1000 people from all across the world, from New York to Singapore to London.
Blockchain is essentially a kind of ledger distributed among users, that lets them maintain an online database of transaction records.The technology has also been popular among supply chains, gaming assets and accounting. While China indeed seems to have its eye on this technology, it has already put in process a crackdown on digital currencies, having shut down all local crypto-exchanges and banning ICOs.
After joining hands with a subsidiary of the state-owned China Communications Construction Company, Xiongan has now initiated its own blockchain network to help new businesses rake in more capital. They
intend to keep an efficient and transparent method of tracking project completions and the flow of cash.
On the other hand, Xiongan’s partnership with Ant Financial aims to use their house renting platform to enable customers to get accurate information on all kinds of government verified lists on tenants and landlords.
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