Earlier this year, on August 22, one of the world’s largest insurance corporations, Ping An Group, published a “White Paper on Smart Cities,” showcasing the use of blockchain tech, AI, big data, as well as cloud computing.

In order to make this idea a reality, the insurance giant has partnered up with the Sanya Municipal People’s Government to carry out the construction of “Smart City,” which will become the major strategic urban development in the country.

Ping An Group will invest 30 billion yuan (more than $4 billion) in Sanya “to develop smart city construction, financial products and services, as well as insurance fund utilization.” It was announced that among major core segments there would be “blockchain, […] biometrics, and other technologies.”

However, Ping An Group is not the only corporation rushing to secure ‘their spot under the sun.’ Just following the Ping An Group’s white paper release, another Chinese giant, JD.com, JD Finance established the Smart City Research Institute with the goal to facilitate the construction involving the use of AI and blockchain in urban developments.

Additionally, in another recent “city-wide blockchain implementation,” the Chinese city of Loudi in the Hunan province released a blockchain platform to store real estate data, allowing citizens to avoid bureaucratic processes when submitting documents. With the enormous potential of the blockchain technology it’s only a matter of a few years until it will be involved in almost all areas of our lives, experts say.

SHARE THIS ARTICLE