The Tunisia Economic City (TEC), jointly owned by Tunisia and Saudi Arabia, has chosen the Locus Chain blockchain as its settlement currency and service platform.
TEC, built in the eastern peninsula of Tunisia, is set to be the largest smart city project on the Mediterranean, with a surface area of 90 Km2 encompassing 14 large zones. Its geographical location allows it to constitute a portal connecting Europe, Africa and Asia, thus becoming an international business and technology hub.
The smart city project will adopt the Sinagpore-based company’s blockchain platform which will be used as a settlement currency for industries such as finance, communication, medical, shopping, automated vehicles and artificial intelligence.
“TEC is one of the most advanced smart city projects the world economy has ever seen,” said Lee Sang Yoon, CEO of Locus Chain Foundation. “When the Locus Chain blockchain platform is applied to the TEC project, it will be used as a transaction and authentication method for various industries and will provide an ideal management and service system ensuring high transparency and security across the industry.”
Founded by HRH Prince Fahd Bin Muqrin Bin Abdulaziz Al Saud of Saudi Arabia, chairman of the Al Hermas Global Group and TEC, and Dr. Riadh Khalifa Toukabri, serving as TEC president, the project will drive the economic growth of North Africa and will complement that of the GCC countries as well. It is also expected to attract foreign investors in the fields of hospitality, entertainment, medical care, media, etc.