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China advances its blockchain strategy

Company aims to deploy a trusted blockchain-as-a-service platform in the country

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Blockchain is already operational in the city of Nanjing
Blockchain is already operational in the city of Nanjing

WISeKey has announced its Internet of Things (IoT) blockchain technology is to be deployed in selected smart cities in China and it is already operational in Nanjing.

 

The cyber-security company aims to deploy a trusted blockchain as a service (BaaS) platform in the country with a focus on IoT, smart cars and smart cities projects through its China Blockchain Centre of Excellence.

 

WISeKey began rolling out IoT blockchain projects in China after a delegation from the Beijing INTO Global Business Communications, a company that connects Chinese tech investors with global innovative companies visited its headquarters in Switzerland in December 2016. The goal was to establish the centre of excellence.

 

Since then, WISeKey said it has been cooperating with experts in industry, government, and academia to address businesses’ most relevant blockchain developments with practical, standards-based solutions using available technologies.

 

WISeKey and its China partners are performing research, rapid pilot prototyping, co-creation of use cases and IP creation on blockchain technology and platforms.

 

According to the company, China’s ban on initial coin offerings (ICO) is considered a necessary move to stop illegal fundraising and pyramid schemes, but there is common understanding that this should not stop government and private organisations from studying and implementing blockchain technology.

 

At the same time, China is moving ahead with its plan of becoming the first country in the world to offer its own digital cryptocurrency based on blockchain technology, following successful trials.

 

WISeKey has partnered with Microsoft and IBM for BaaS solutions, as well as with other companies Lykke, Stratumn, BigchainDB.

 

WISeKey said it is working with governments entities and organisations around the world to enhance their existing cooperation on identity management, vehicle and land registration, lifecycle management, and to develop their own cryptocurrencies using blockchain technology.

 

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