One of the largest insurance corporations in China Ping An Insurance Group entered into a strategic partnership with the municipal administration of the urban district of Sanya for the construction of smart city.

In the project “smart” city will use advanced technology, including the blockchain, artificial intelligence, big data and cloud technologies. According to the newspaper the People’s Daily, the main focus will be on the blockchain and biometric technology. Overall, this project is part of the strategy of urban development in China. The government of Sanya and Ping An Group will give each other every assistance, including financial.

According to another publication, news Agency Xinhua News, the insurance Corporation will invest 30 billion yuan ($4 billion) in district of Sanya. All the money will go to building ecosystems “smart” cities and the creation of financial products and services. Even in the summer, Ping An Group has released a white paper, which explains the usefulness of the blockchain, artificial intelligence and other technologies.

China today occupies a leading position in the design of smart cities using advanced technologies. One of the most successful projects in this area — the area of Sunyani in Hebei province, the development plan which was signed by General Secretary XI Jinping in October 2017. In July, the government Sunyana signed a partnership agreement with the company ConsenSys, which will advice the authorities on matters blockchain solutions.