World : ConsenSys Signs MoU With China’s ‘Smart City’ of Xiongan for Blockchain Consulting

China’s Xiongan New Area government has signed a Memorandum of Understanding (MoU) with ConsenSys to bring blockchain technology to the “smart city,” the South China Morning Post reported July 23.

ConsenSys, a blockchain software technology company focusing on Ethereum (ETH) development, has confirmed they will advise the Xiongan government on blockchain and software solutions in order to establish it as a “next generation smart city [and] leading blockchain innovation hub,”according to the (MoU) signed in Beijing.

In April 2017, Chinese president Xi Jinping announced plans to build Xiongan as a special economic zone spanning three counties. The South China Morning Post reports that the urban development project will “redirect” around 6.7 million people and could bring in 2.4 trillion yuan ($348 billion) over the next decade, citing a 2017 estimate by Morgan Stanley.

According to the South China Morning Post, Xiongan’s local government has previously partnered with Chinese tech firms Tencent, Ant Financial, and Qihoo 360 for bringing blockchain use into the city. The partnership with ConsenSys is the “first known case” when Xiongan has brought in a foreign company for urban technological development, the South China Morning Post reports.

According to Joseph Lubin, the founder of ConsenSys and the co-founder of Ethereum (ETH), the company is “excited” by the chance to work in China.

 

Source : https://cointelegraph.com/news/consensys-signs-mou-with-china-s-smart-city-of-xiongan-for-blockchain-consulting

Smart Grid Bulletin September 2018


View all SMART GRID Bulletins click here