ConsenSys Could Help Build Chinese President’s Dream City in Xiongan

2018-7-24 13:59

Till now the most prestigious and recognizable feat of converting barren lands into the world’s tallest buildings stays with Dubai. However, an ambitious plan by the Chinese government, which is being touted as President Xi Jinping’s dream project, could change that forever. The Xiongan New Area has roped in blockchain company ConsenSys as a consultant for the project.

China Adopts Blockchain Head On

With hundreds of blockchain patents in 2017 alone, China is making its way to becoming one of the largest blockchain-friendly countries in the world. The country has left cryptocurrencies behind (at least on the surface) to adopt blockchain.

On Monday, July 23, China signed a memorandum of understanding (MoU) with blockchain software technology firm ConsenSys. According to the MoU, ConsenSys will serve as the Xiongan government’s consultant, who will advise on how blockchain technology can be used to provide the best software solutions. Joseph Lubin, ConsenSys founder, said:

“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.”

Lubin is also the co-founder of Ethereum, which makes his involvement with the Chinese government even more important. Note that Ethereum is the second most valuable blockchain and cryptocurrency after Bitcoin. China also has its own version of a dApp supporting blockchain, called NEO, which is one of the top blockchain companies in the world.

First Overseas Company to Partner With Xiongan

ConsenSys also gained a unique achievement after signing the MoU. It has now become the first foreign company to partner with the government for a project in Xiongan. Previously, the local government has partnered with Tencent, Qihoo 360 and Ant Financial – all Chinese tech firms. As agreed, these companies will help the local government in various areas – from finance to house renting and even cybersecurity. Foreign company ConsenSys, on the other hand, will help in urban planning.

The company currently builds Ethereum-based projects and provides advice on a global scale. This partnership with the Xiongan government could help ConsenSys spread to other regions, like New York and Singapore, to gain more recognition. Moreover, it would also be interesting to check how China develops Xiongan.

ConsenSys Could Help Build Chinese President’s Dream City in Xiongan was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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