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There are quite a few examples of heavy movers in different sectors making a play for blockchain technology and cryptocurrency. Right now, there’s already a list of more than a few names who have already started cryptocurrency and blockchain solutions and a lot more who have announced that they are actively seeking some of these solutions. Most recently, Facebook announced its own cryptocurrency in partnership with more than a few other firms, an announcement which is predicted to create a much stronger interest in the sector from traditional players.

The Wanxiang Innova City

According to reports, the Wanxiang Holding Co., Ltd which is the largest Auto parts company in China when ranked by revenue, has now entered an official partnership with Hong Kong based blockchain firm – PlatOn – for the development of a smart city.

Innova City, as the smart city is to be called, will be supported by a blockchain network from PlatON to help connect with residents of Hangzhou for different purposes including monitoring driving behavior, properly treating ecological waste, better security for private and sensitive data and many more.

According to the Chief Innovation Officer (CIO) of Wanxiang, Vincent Wang,

“Imagine a smart transit system that tracks and rewards responsible driving behaviour 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.”

The smart city, when eventually deployed, will also connect locals to many firms, corporations and service providers who will also be a part of the Smart City to ensure that services are provided to these people more efficiently and transparently with as few encumbrances as possible.

The Chief Strategy Officer at PlatON, Ada Xiao, spoke on the guarantee of security and privacy with all the information that will be shared between the individuals and service providers.

According to Xiao,

“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.”

More Than 90,000 People Will Be Smart

The Wanxiang Innova City Is projected to be launched in 2025 and the company has already committed to spending $29 billion to build and complete the new Smart City. The new city will be 8.3 square kilometres and is projected to comfortably contain at least 90 thousand people. The city will also have an International Research and Innovation Park along with a few facilities 4 Wanxiang’s automobile business specifically for electric vehicles.

This isn’t the first collaboration between Wanxiang and PlatON as the two firms are continuously partnering Honey Collective blockchain for the creation of Enterprise applications. Also the co-founder of PlatON is the chairman of Wanxiang Blockchain and also the founder of Wanxiang Blockchain Labs.

Another Smart City

It was recently announced that a different proposed blockchain-based Smart City will be developed in Malaysia and supported by the Chinese government. This project, according to its CEO, will be using “cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination.”

The views and opinions expressed in the article New, Interesting Blockchain Smart City Will Soon Be Built in China via Wanxiang and PlatON do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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