Northern China’s Xiong’an New Area has turned to the blockchain to improve the management of approximately 1 billion yuan in funding for engineering projects.
The Xiong’an authorities recently announced the launch of China’s first engineering project funds management platform based on blockchain technology, covering multiple projects with total funds of around 1 billion yuan.
A Xiong’an official said that the platform will help to resolve the problems of misappropriation of funds or failure to deliver funds that can arise due to lack of information transparency during the process of downwards allocation.
The launch of the platform comes just after the Xiong’an authorities held discussions with ConsenSys, the tech company behind Ethereum, on potential blockchain applications.
Di Wei (翟伟), director and vice-general manger of Xiong’an Group, said that the Xiong’an New District already had practical experience with blockchain applications, and that in future it would provide a vast testing platform and applications market for the development of blockchain technologies.
The “Hebei Xiong’an New District Plan Outline” (河北雄安新区规划纲要) states that “Xiong’an will firmly uphold the simultaneous planning and establishment of a digital city and actual city.”