Recent months have shown that China’s interest in blockchain technology is peaking. Reports indicate that the Bank of China is developing a blockchain-based system that will serve to alleviate poverty in Tibet.
Reducing the poverty line
To put things into perspective, the Tibet Autonomous Region is currently dealing with a poverty rate of 12.4%, significantly higher than the country’s national average of 3.1%. In a press statement, the Bank of China talked about how it previously created a cloud-based system that was meant to manage the poverty reduction fund for the region. Its initial functions included data access, file transfers, and security certifications, which enabled better project management, verification and fund applications for the region.
Now, the financial institution has decided to upgrade the system, by adding blockchain functionalities. The multi-node blockchain network will be created to help connect the Agricultural Bank of China, project managers, and fund applicants.
According to the bank, the blockchain implementation will provide immutability, transparency, more precise fund allocation and better management of all projects. Granted its success, it is believed that it will set an example for handling poverty in other regions, such as Qinghai, Yunan and Gansu.
Other Chinese banks are not shy of the technology either. For instance, the Bank of China – Hong Kong recently announced that it is now be handling all real estate appraisals via an automated blockchain system. Additionally, the People’s Bank of China (PBoC) has also launched a propriety blockchain registry platform.
Based on everything that has been outlined so far, what are your thoughts on China’s peaking interest in blockchain? Let us know in the comments.