Bank Of China Is Trying To Reduce Poverty In Tibet Via Blockchain

At a conference in Tibet Bank of China announced that it will utilize blockchain to try reducing poverty in the Tibet Autonomous Region, a region with poverty rate of 12.4%, contrasted with China’s national average of 3.1%.

The bank has beforehand built up a cloud-based framework with capacities including data acquisition, security validation and document transfer, to oversee local poverty reduction fund. The framework empowers management of projects and activities, including fund application, venture confirmation and fund allotment.

Bank of China will utilize blockchain innovation technology to overhaul the framework. It will set up a multi-node blockchain system to associate it accomplices including Agricultural Bank of China and store candidates.

Blockchain makes exchange traceable and information unchangeable, and will guarantee the straightforward utilization of the fund, precise fund allocation and efficient management.

The bank said that trial in Tibet will set case to destitution support extends in other poor areas, for example, Gansu, Yunan and Qinghai.

Chinese banks are embracing blockchain to improve transaction efficiency and safety. In March, a blockchain research institute under the People’s Bank of China launched a blockchain registry open platform, marking the first central bank-backed blockchain platform in China.