Blockchain firm CyberVein is partnering with the Chinese government to build a blockchain-powered governance system for its aerospace ‘smart city.’
Singapore-based blockchain data firm CyberVein has become one of 12 firms participating in the construction of China’s Hainan Wenchang International Aerospace City.
Construction commenced last month, with the site previously hosting a satellite launch center. Described as “China’s first aerospace cultural and tourism city,” it will be a hub for the development of aerospace products and support services intended for use in Chinese spacecraft and satellite launch missions.
The 12 million square-meter facility will host the country’s first aerospace super-computing center, and will focus on developing 40 technological areas including big data, satellite remote sensing, and high precision positioning technology.
CyberVein will work alongside major Chinese firms, including Fortune 500 companies Huawei and Kingsoft Cloud, and will leverage its blockchain, artificial intelligence, and big data technologies to support the development of the city’s Smart Brain Planning and Design Institute.
According to a CyberVein release ‘Smart Brain’ is its primary project, a “data-driven governance system” based on the firm’s proprietary technology that will process real-time data to “organize urban public resources.” However, few details regarding how blockchain will be employed in developing the governance model have been made public.
The city’s development is part of a Hainan’s ‘Free Trade Port’ development initiative, a massive infrastructure program intended to transform the island into a globally significant free-trade port by 2050.
China has sought to team up with top distributed ledger technology teams to develop smart cities for several now, with blockchain notarization service Factom partnering with the Chinese government in 2016.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.