Chinese government officials in the southeastern province of Xiong’an have used the services of the Ethereum incubator ConsenSys to drive their agrarian-intensive economy into a technological power plant.
Xiong’an’s Bitcoin code Push
As the South China Morning Post reported on July 24, 2018, the authorities of Xiong’an, President Xi Jinpings, seem to have made China’s first “intelligently planned” city a reality in his dream. In October 2017, Jinping told the authorities that Xiong’an was pioneering the construction of a “dream city” in which Bitcoin code industries such as biotechnology, artificial intelligence and energy sciences drive the local economy. Read more about it: Is The Bitcoin Code a Scam? Beware, Read our Review First
Market analyst Morgan Stanley predicted an investment of 362 billion dollars in the region at the time.
Chinese government set “development goals” for Ethereum code
In May 2018, the Chinese government set “development goals” for Ethereum code, including the use of blockchain technology and cognitive computing. In addition, ConsenSys will act as a Ethereum code consultant for blockchain technologies used to build the intelligent city and its associated administrative functions. This move is further evidence of China’s belief in the burgeoning distributed ledger technology, although the country has no confidence in crypto currencies.
As published in a statement, ConsenSys will provide software solutions and blockchain frameworks for the Xiong’an region. In order to substantiate their partnership, the two parties signed a Memorandum of Understanding (MoU) in Beijing on July 23, 2018.
ConsenSys founder Joseph Lubin called the development one of the first “major projects” for his company in Chinese jurisdiction. Lubin further explained that the successful implementation of Ethereum’s technology will prove its worth in a large fiduciary infrastructure, such as entire cities and counties.
The partnership is the first instance of Xiong’an using the services of a “foreign” company for the benefit of local companies to expand its technological presence and create large-scale digital infrastructures. The local government had previously used the services of Tencent, Ant Financial and Qihoo to combine blockchain technology with Xiong’an urban network.