According to People Daily, China has partnered with one of the largest insurance companies in the world, Ping An, in order to develop “Smart City” concept.
The new project is just another part of the strategic plan for urban Chinese development.
The report states that Ping An signed a strategic agreement with the Sanya Municipal Government to carry out comprehensive cooperation on financial investment and smart city construction.
It’s also said that Ping An will invest approximately $4 billion in Sanya to create smart city construction, fintech products & services, and insurance fund. As one of the core segments of Ping An's smart city ecosystem, Ping An City has applied blockchain, OCR, VR, biometrics and other technologies.
Earlier, Chinese Cyberspace Administration, the country’s Internet regulator, developed a new set of rules which deprives the anonymity of blockchain-based services. The document requires the users of such services to provide their real names and national identification card numbers during the registration process.
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