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.
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