Ethereum Incubator ConsenSys to Power Chinese City via Blockchain

Chinese government officials in the South Eastern province of Xiong'an have engaged the services of Ethereum incubator ConsenSys to help turn their agriculture-intensive economy to a technological powerhouse.

Later in May 2018, the Chinese government laid out "Development goals" for Xiong'an, featuring the usage of blockchain technology and cognitive computing.

Taking things further, ConsenSys is employed as a consultant on blockchain technologies to be deployed in building the smart city and its related administrative features.

As published in a statement, ConsenSys will provide software solutions and blockchain frameworks to the Xiong'an region.

The local government had earlier sought the services of Tencent, Ant Financial, and Qihoo to marry blockchain technology to Xiong'an urban network.

Earlier, Xiong'an partnered with a subsidiary of the state-owned China Communications Construction Company to develop and launch a blockchain platform for enabling small enterprises to raise capital.

The system additionally tracked project completion and money flow and appraised users on the benefits of using immutable blockchain technology.

For the uninitiated, the Switzerland-based ConsenSys was founded in 2014 to focus on developing Ethereum software tools, incubating and angelizing Ethereum-based ventures and advising governments and corporations on blockchain technology.

"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."

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