The Chinese government is reportedly aiding the construction of a “blockchain city” in Malaysia, smack-bang on one of Asia’s most important shipping lanes. Here’s Coin Telegraph:
Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd have jointly launched the Chinese government-backed project aimed at the development of the city of Malacca into a blockchain city called Melaka Straits city. The founders of the project are planning to raise 500 Malaysian Ringgits ($120 million) during the initial stage.
The entire infrastructure of the city will reportedly be based on blockchain, supported by what’s called a DMI platform offering its own DMI coin. Government services within the city will be paid using DMI, and tourists visiting Melaka Straits City can exchange their fiat currencies with DMI at an exchange.
“Our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination,” said project CEO Lim Keng Kai, “we have the government approval to remediate this land and came up with some great plans for the area.”
Meshing blockchain technology with city planning isn’t exactly new: as Coin Telegraph notes, South Korea announced plans to a build a blockchain center near Busan last year, while Liberstad – a “private city” in Norway – adopted a cryptocurrency as its official medium of exchange.
The International Data Corporation (IDC), said in a report that smart city technology spending should surge to $135 billion by 2021.
Photo: McKay Savage
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