The Bank of China aims to tackle poverty in the Himalayan province of Tibet with blockchain solutions, Chinese economic news reports said. In the future, Blockchain software will help to secure infrastructure programs in the poverty-stricken mountain region. The autonomous province of Tibet belongs to the statistically poorest regions of the People's Republic. As a pilot project, it is to serve as a sponsor of similar funding initiatives in the provinces of the Middle Kingdom.
With the global advance of the blockchain one of the greatest strengths of the technology is still in the finance area. If it goes after the Chinese government, it should help the poverty-groaning provinces.
As the China Money Network financial news reports this week, the Bank of China (BOC) plans to upgrade its infrastructure program with Blockchain software. The State Bank wants to help out with development aid through distributed ledger technologies. Specifically, the distribution of funds from the infrastructure pots for projects should be made more transparent and efficient in the future.
This is especially to help people in Tibet. This is the first pilot of technology adaptation. Faced with poverty, the Chinese mountain region in the Himalayas has been one of the People's Republic's troubled children since its controversial inclusion in 1950, both politically and economically.
Because the autonomous province groans under a share of poverty of the population of 12.4 percent - three times the official statistics Restchina. Most of the Tibetans live on agriculture and as shepherds in the mountains. Away from the sluggish tourism, the province is little economic power available, transport routes are poor, the industry limps. Since 2012, Beijing has responded to this with a decisive investment offensive aimed at bolstering the blockchain.
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Tibet as a pilot**
In order for the pilot project in Tibet to bear fruit, the seventh largest bank in the world also intends to enter into partnerships with, for example, the Agricultural Bank of China . Thus, in the future, they want to better network possible candidates for the funds and drive the region forward.
If this succeeds, the BOC, which belongs to the four large state-owned banks China, wants to further expand the project. The Blockchain-based distribution of funds is also to help in the Gansu, Yunan and Qinghai regions, according to the bank.
Poverty alleviation thanks to Blockchain
However, apart from the Middle Kingdom, Chinese banks are far from the first to adopt the Blockchain in poverty alleviation and development aid. For example, the United Nations has long been firmly committed to the implementation of distributed ledger technologies as part of its Sustainable Development Goals . It was only in March that the organization entered into a strategic partnership with the start-up Blockchain . The goal of the cooperation is the fight against global poverty.
And in Germany, there are already corresponding advances. The Kreditanstalt für Wiederaufbau , or KfW for short, is currently testing the use of blockchain technology in project funding on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ). With the help of the software, the development bank intends in the future to make work and approval steps in the context of procurement, contract drafting, tendering and the payment processes of development projects more reliable.
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Blockchain on the rise**
While specific information on the blockchain adaptation in Tibet is currently missing, technology is experiencing a veritable boom among Chinese state banks. For example, BOC filed a blockchain scaling patent in February . A research institute of the Ministry of Industry and Information Technology, on the other hand, launched a blockchain index in March under the direction of the central bank. This should probably evaluate also with regard to the domestic industry different software formats on the basis of the criteria technology, applicability and innovation.