A joint venture between Wanxiang, China's largest automotive component maker and Platon, a blockchain solution company, will create a smart city in Hangzhou. The completion of the project is planned for 2025 and the space is designed to house 90,000 residents. Wanxiang Innova City will occupy an area of 8.3 square kilometers and will have an International Research and Innovation Park, ample digital and ecological urban space and advanced technology in the segments of renewable energy and electric vehicles.
The idea behind the so-called "Innova Citty" is to create a complete infrastructure blockchain interface with identification cards of residents of the city and monitoring of driving behavior. Wanxiang's promise is an investment of $ 29 billion over a decade to complete the reference complex in the concepts of interconnection and urban intelligence.
Executives celebrate and expect success
In the communiqué on the initiative, shared by Crypto Ninjas, the partner companies highlight the importance of the project and raise good expectations regarding the result of the emergence of Innova City. PaltON's director of strategy noted that Smart City will be an excellent example of supporting emerging technologies to new standards of behavior and work, as well as highlighting the project's concern for privacy.
"By using MPC (Multi-Party Computation) and other privacy preservation technologies we can ensure the privacy of sensitive data, including resident digital identities, smart devices and personal devices, as long as they interact with each other in a shared book," reinforces Ada Xiao, according to the matter of the Crpto Ninjas.
Also highlighting the benefits and differences of the smart city in progress, Vincent Wang, director of innovation at Wanxiang, also speaks in the press release about the deep connection between Wanxiang Innova City and the philosophy of bockchain.
"As we embark on the design and development of Innova City's various cutting edge elements, we realize the key aspects of an intelligent, forward-looking city; confidence, synergy and value creation, directly reflect the values of the blockchain. "