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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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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