Wanxiang and PlatON Join Forces To Build New Smart City in China

Wanxiang Holding Co., Ltd, a China-based automotive giant partners with blockchain-based tech firm PlatOn to develop a “smart city” in Hangzhou, as per a report by CryptoNinjas on June 20.

The report states that the smart city dubbed as “Innova City” will be built through PlatON’s blockchain infrastructure, purportedly for the purposes of interfacing with city resident ID cards and monitoring driving behavior, among others. The report adds a statement from Chief Innovation Officer at Wanxiang, Vincent Wang, who shared more details:

“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.”

The Chief Strategy Officer at PlatON Ada Xiao further added on how PlatON’s privacy services will be used in the city, stated:

“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.”

Planned to be launched in 2025, Innova City project will contain 90,000 residents. The city will purportedly include an “International Research and Innovation Park” along with Wanxiang automotive facilities with electric vehicles. As per the report, Wanxiang commits $29 billion to support Innova City’s creation.

PlatON’s website partners Wanxiang Blockchain on a consortium blockchain for enterprise applications. In addition Feng Xiao, is listed as co-founder of PlatON, Chairman of Wanxiang Blockchain and founder of Wanxiang Blockchain Labs. As for Wanxiang Blockchain’s website, the Wanxiang Blockchain contains Wanxiang Blockchain Labs as one of its six groups.

The Chinese government announced in April that it would fund the development of a blockchain-based smart city in Malaysia. Project CEO KK Lim commented on the vision for the city, saying that they intended to use blockchain tech to transform Malaysia a “world-class tourist destination.”

Read more:QuadrigaCX CEO Operated Fake Crypto Exchange Accounts With Customer Funds

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