ConsenSys To Bring Blockchain Technology To China’s Xiongan New Area

Announcements, Blockchain, Innovation, News | July 23, 2018 By:

Chinese government officials behind the Xiongan New Area project have partnered with New York-based blockchain specialist ConsenSys to implement blockchain technology into Xiongan’s core infrastructure.

Located about 100 kilometers southwest of Beijing, Xiongan geographically covers part of Hebei province’s Xiongxian, Rongcheng and Anxin counties. In April of this year, the Chinese government published the master plan for the Xiongan New Area, which includes implementing cutting-edge technologies such as blockchain and cognitive computing in order to position the region as an innovation hub. The project also aims to further China’s goals of becoming greener, with a forest cover rate of 40 percent.

“The region will be a model of high-quality development in China and the new engine in the construction of a modern economic system,” the master plan said. “Universities, medical institutes, company headquarters, financial institutes and governmental departments that fit the development plan of Xiongan will be moved to the new region, and some low-end manufacturing and service sectors will be limited in Xiongan.”

The Xiongan government signed a memorandum of understanding (MoU) with ConsenSys to help local officials leverage blockchain technology to build smart city infrastructure and provide software solutions. ConsenSys is the first overseas blockchain firm that has been brought on board to implement the technology in Xiongan. The Xiongan government previously partnered with Chinese tech companies, including Tencent, Ant Financial and Qihoo 360, to adopt blockchain in areas from finance to house renting to cybersecurity.

ConsenSys said that the two sides will “follow with agreements addressing different aspects of this innovative multi-faceted initiative, and establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.”

Established in October 2014, ConsenSys is developing a variety of applications which operate on the global distributed computing platform. Its focus is on facilitating the empowerment of people and enabling decentralized governance through the development of software tools that devolve power from the traditional “command and control hierarchies inappropriate for a networked world.”

“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,” said ConsenSys founder Joseph Lubin.