Chinese Insurance Giant Partners With Sanya Municipal Government to Construct Blockchain Based ‘Smart City’...

December 10, 2018

One of the largest insurance firms in China, Ping An Insurance Group, signed a strategic cooperation agreement with Sanya city government on “Smart City” construction and a financial investment. According to the People’s Daily, the official state-run media site, the new project will apply various advanced technologies such as blockchain, artificial intelligence (AI), big data, and cloud computing.

The strategic partnership between Ping An Group and Sanya Municipal Government is part of an overarching major strategic urban development plan in China. The smart city ecosystem will focus on several key segments such as blockchain, biometrics and other novel technologies.

As reported by Xinhua Newsm, Sanya will receive 30 billion yuan (more than $4 billion USD) of investment from Ping An Group to construct the smart city, develop financial products and services as well as to utilize the insurance fund. Earlier this year, the insurance conglomerate had released a “White Paper on Smart Cities”, which advocates for novel technologies such as blockchain, AI, Big Data as well as cloud computing.

Earlier this fall, JD Finance, a division of Chinese e-commerce giant JD.com, had formed the Smart City Research Institute with the aim of facilitating the proliferation of the “smart city” and its associated advanced technologies.

Moreover, recently in November, a city in China’s Hunan province named Loudi, had launched a blockchain platform to store data on real estate. This new system allows citizens to avoid the bureaucratic processes when they submit documents to departments of local land, taxes, and real estate.

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