Based in Singapore, a blockchain data firm called CyberVein is one of the 12 firms that have been chosen for participating in the Hainan Wenchang International Aerospace City located in China. The construction of this city had begun nearly a month ago and the site that has been chosen for its construction was previously a satellite launch center. The city has been referred to as China’s first aerospace and cultural city and will act as a hub for aerospace product development. Apart from that, it will also provide support for services that are aimed at the use of Chinese spacecraft and satellite launch missions.
Spanning an area of about 12 million square meters, this facility will serve as the host for the first aerospace supercomputer center in China. Its primary focus will be on the development of 40 technological areas, which include big data, satellite remote sensing, and also high precision positioning technology. CyberVein will be standing alongside some of the biggest companies in China, such as Huawei and Kingsoft Cloud. The firm is planning to support the development of the Smart Brain Planning and Design Institute of the city by leveraging its blockchain, artificial intelligence, and its big data technologies.
As per the information released by CyberVein, the primary project of the company will be ‘Smart Brain’. They described it as a governance system that’s based on the company’s proprietary technology and is driven by data. Real-time data will be processed by the Smart Brain for the purpose of organizing public resources. However, it should be noted that only a handful of details were disclosed to the public, particularly about how blockchain would be implemented in this model of governance. The development of ‘Aerospace City’ is part of the development initiative called ‘Free Trade Port’, which was undertaken by the Hainan province in China.
This is essentially a huge infrastructure program, which has been put in place for transforming the island province into a free-trade port by the year 2050, so it would have global significance. It has been a few years now that China has been trying to team up with other companies in the distributed ledger technology space to accomplish this goal. This move comes just as the country is trying to build smart cities. A partnership had already been put in place between a blockchain notarization service called Factom and the Chinese government back in 2016 as well.
As blockchain technologies and cryptocurrencies move towards mainstream adoption, China is making a hard-push in order to make the most out of blockchain technologies and their potential. Everything from the country’s cities to their court cases has been streamlined and improved, all through the use of blockchain technology. As a matter of fact, the country is also working on coming up with its own cryptocurrency and they also have plans on digitizing their fiat currency. As always, China plans to be ahead of other countries in this technology space and is ready to leverage blockchain’s capabilities as quickly and efficiently as possible.