Wanxiang, PlatON Partner To Build Blockchain Smart City In Chinabr>
Wanxiang Group, a Chinese multinational automotive components manufacturing company, has partnered with blockchain firm PlatOn to co-develop the data infrastructure for China’s largest smart city project.
The smart city, called Wanxiang Innova City, was first announced in 2015 and will be built on 8.3 square kilometers of land on a premium riverfront site in Hangzhou. Wanxiang has reportedly committed $29 billion to build the smart city, which will feature an International Research and Innovation Park, expansive digital and ecological urban space, and Wanxiang’s advanced technology and manufacturing facilities for renewable energies and electric vehicles.
The smart city will utilize PlatON’s blockchain solution to track, transfer, and secure critical data such as resident identification cards and smart devices. It will also be used to monitor driving behavior and electric vehicle life cycles.
“With our use of Multi-Party Computation (MPC) and other privacy-preserving technologies, we can ensure the privacy of sensitive data including digital identities of residents, smart equipment, and personal devices, as they interact with one another on a shared ledger,” said Ada Xiao, Chief Strategy Officer at PlatON. “PlatON is proud to be driving this future-defining initiative and to lend its cloud-based blockchain solution to build Wanxiang Smart City.”
PlatOn’s blockchain platform will also allow corporations and individuals to connect to various services that will soon be available in the smart city. Once completed in 2025, 90,000 citizens are expected to live and work in Wanxiang Innova City.
Vincent Wang, Chief Innovation Officer at Wanxiang, said that imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power grid that incentivizes energy generation and trading, or even a myriad of urban services that can be validated, built, and offered at ease without the constraints of rigid data silos.
“As we embark on the design and development of the various cutting edge elements of Innova City, we have come to realize that the key aspects of a forward-looking smart city; trust, synergy, and value creation, directly mirror the values of blockchain,” Wang said.