One of the largest insurance companies in the world, Ping An Insurance Group from China, is in today’s blockchain news for signing a cooperation agreement with the Sanya municipal government to build a ‘’ Smart City’’ by using blockchain technology.
The new project will be constructed with the use of blockchain and artificial intelligence, cloud computing and huge amounts of data as the report states.
The corporation designed a special strategic agreement with the Sanya municipal government in order to achieve comprehensive cooperating and build the ‘Smart City’ as a part of the major urban development strategy in China.
Xinhua News, a governmental news agency, reported that the Ping An Group will invest more than $4 billion in the Sanya municipality to develop the construction of the smart city and also provide financial services and insurance fund utilization.
The giant corporation released a white paper on smart cities this summer where they presented themselves as huge advocates for blockchain technology, cloud computing, and artificial intelligence. This fall, however, JD Finance, a division of the Chinese e-commerce company JD.com, established a research institute that has a goal to facilitate the development of the smart city construction with the use of blockchain and artificial intelligence.
Also, the Chinese city of Loudi in the Hunan province, just a few days ago launched a blockchain platform where they will store real estate data and people can avoid all long and exhausting bureaucratic processes when getting their documents for the local land and taxes.
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