China, which seems to have a love-hate relationship with blockchain technology, said the nation’s Ping An Insurance Group and the municipal government of Sanya have agreed to work together to build a “smart city” using blockchain, among other technologies.
The state-run People’s Daily reported Ping An signed the agreement with the Sanya Municipal People’s Government to carry out comprehensive cooperation on financial investment and “smart city” construction as a part of a major strategic urban development in China. The article states that one of the “core segments” of the smart city ecosystem will be “blockchain, […] biometrics, and other technologies,” according to Cointelegraph.
In addition, Xinhua News reported Ping An will invest 30 billion yuan, or more than $4 billion, in Sanya “to develop smart city construction, financial products and services, and insurance fund utilization.”
Sounds expensive. Then again, Ping An did release a “White Paper on Smart Cities” last summer advocating for blockchain, artificial intelligence, big data and cloud computing as tools for “smart city” construction, so it must be ready to put its money where its government’s approved ideas are. Read more here.