China’s upcoming Aerospace City is integrating blockchain in its governance system, a new report has revealed. The technology will process real-time data, allowing the authorities to organize and equitably distribute public resources.
Singaporean blockchain startup CyberVein revealed that it has joined 11 other firms in the development of the Wenchang International Aerospace City in Hainan province. The city is expected to be China’s aerospace hub, with product developers and support services to support the Asian country’s spacecraft launch missions.
CyberVein will be involved in the development of ‘Smart Brain Planning and Design Institute,’ a data-driven system that will be used to govern the city and distribute resources equitably. The startup will combine blockchain with other emerging technologies such as big data and artificial intelligence to build Smart Brain.
CyberVein joins other global tech giants in the venture, including China’s electronics giant Huawei and Kingsoft Cloud, a subsidiary of Beijing-based software giant Kingsoft Corporation.
CyberVein has worked with Kingsoft Cloud in the past, with the two companies announcing a comprehensive big data service digital ecosystem last month. By combining cloud computing and blockchain technology, the two claimed to have solved challenges such as storage, management, analysis and application of big data.
The Aerospace City will host China’s first aerospace super-computing center, China’s English-language outlet CGTN revealed. The center will act as a base for the development and integration of fields such as big data, high precision positioning technology and satellite remote sensing. The Chinese government believes that the center will attract domestic and foreign investment on high-end aerospace products and boost local aerospace tourism.
The use of blockchain technology in the aerospace industry has continued to grow in recent years. According to Irish firm Research and Markets, the sector will register a 35% CAGR between 2020 and 2025. In its report, the research firm cited Lufthansa, Air New Zealand and Air France KLM as some of the large companies that are experimenting with blockchain.