Chinese government has reportedly joined forces with two local companies, namely construction engineering firm China Wuyi and property development enterprise SWT International Sdn Bhd, to construct a “blockchain city” across the Malaysian Malacca Strait.

The Strait of Malacca is a vital shipping lane between the Indian Ocean and the Pacific Ocean, being one of the most important shipping channels in the world. Aiming to turn the city of Malacca into a blockchain-driven city named Melaka Straits city, the consortium expects to raise approximately $120 million in its initial funding stage.

To be exact, the city will be built on top of a blockchain-based DMI platform, with its native DMI coins used in state-backed services in Melaka Straits city. The launch of an exchange for tourists to convert their money into DMI coins will allegedly be underway soon after.

The initiative uses the newest blockchain technologies, stated its CEO Lim Keng Kai, for the purpose of making Malaysia a must-see tourist destination, with great support from the government to preserve the environment at the same time.

Not only China but also other countries in the sector have been actively engaged in the development of blockchain technology. Recently, a Thailand-based commercial bank has partnered with local oil company to trial cross-border payments solution based on blockchain.

Earlier in March, the Taiwanese National Development Council allegedly planned to form an official alliance to promote blockchain adoption, as well as making Taiwan a leading country in the blockchain industry worldwide, as reported by The Crypto Sight.