Factom, a blockchain recordkeeping service, has partnered with iSoftStone, a technology consulting agency, to elaborate a “smart city” strategy for China.

Since 2009 the concept of “smart city” has been gaining popularity in China. According to the Chinese National Development and Reform Commission (NDRC), the “smart city” strategy introduces modern science and technology, such as the Internet of things, cloud computing, big data, spatial geographic information, to urban planning, construction and operation. “Smart cities” are to ameliorate urban management and the level of service with the help of information resources. By 2013 as many as 193 pilot projects of “smart cities” were approved in China.

Aiming to construct new modern infrastructure by building “smart cities”, Chinese government has also considered the potential of distributed ledger. Taking into account principal advantages that blockchain brings about (transparency and accountability), as well as its role in reducing administrative and audit costs, the technology can contribute to constructing the smart city innovative infrastructure.

Factom, together with technology consulting firm iSoftStone, will introduce blockchain-powered data storage, auditing and verification system to several Chinese regions. Factom, specialising in recording and securely storing data on blockchain, has already started working on projects connected with real estate and land titles. CoinFox reported earlier on the land title project (currently in limbo) of Factom and the governmental project in Honduras aimed at settling the land title fraud problem. iSoftStone is a technology consulting firm focusing on both “smart” strategic planning and information technology services. Ye Yuping, executive VP & CTO of iSoftStone, said:

"By applying Factom blockchain technology to our financial services, smart cities big data services, and construction of data exchange, we will drive more innovation in China."

Anna Lavinskaya