Bitcoin, Crypto currency, Blockchain

Bank of China: With Blockchain against poverty in Tibet

47e70a7f1c0474a83f6b921a6baefb31 - Bank of China: With Blockchain against poverty in Tibet

The Bank of China wants to use Blockchain solutions against poverty in the Himalayan province of Tibet action, this Chinese economic reports news. Blockchain-Software should in the future help in the poverty stricken mountain region’s infrastructure programmes. The Autonomous province of Tibet is one of the statistically poorest regions of the people’s Republic. You will serve as a pilot project, godfather of similar funding initiatives in the provinces of the middle Kingdom.

With world-far Ahead of the Blockchain is one of the greatest Strengths of the technology lies in the financial area. When it comes to the Chinese government, to help the poverty moaning provinces.

As the financial news China Money Network in this week’s report, the Bank of China (BOC) infrastructure program now with Blockchain Software upgrade. By using a Distributed Ledger technologies wants to grab the state Bank of development aid under the arms. Specifically, the distribution of funds from the infrastructure should pots be designed for projects in the future, more transparent and more efficient.

To help this, above all, the people in Tibet. Here is the first pilot test of the technology adaptation. Poverty struck the Chinese mountain region in the Himalayas since in international law the controversial inclusion of 1950, to provide the children of the people’s Republic of – in the political as in the economic sense.

Because the Autonomous province groans under poverty proportion of the population by 12.4 per cent – three times the official statistics rest of China. Most of the Tibetans living from agriculture, and as a shepherd in the mountains. Away from the sluggish tourism, is the province of little economic power, transport routes are poor, the industry is lagging. The Beijing met since 2012, with a firm investment plan to support the Blockchain now.

Tibet as a Pilot

Thus, the pilot project in Tibet, now bears fruit, the seventh largest Bank in the world in addition, partnerships, such as with the Agricultural Bank of China. Thus, they wanted to connect in the future, possible candidates for the Fund in a better and the Region to propel forward.

If this succeeds, the BOC, which is one of the four major state-owned banks, China wants to expand the project further. So, the Blockchain-based distribution of resources in parts of the country, Gansu, Yunan and Qinghai to help the Bank.

The fight against poverty, thanks to the Blockchain

Off the Empire of the middle Chinese banks, however, are not by far the first to the Blockchain in the fight against poverty and development aid. So put the United Nations in the framework of its Sustainable Development Goals for some time decided on the Implementation of the Distributed Ledger technologies. Only in March did the organization have a strategic partnership with the Start-up Blockchain . The aim of cooperation in the fight against global poverty.

And in Germany, too, attempts to adopt a resolution already exist. The Kreditanstalt für Wiederaufbau, in short, KfW is testing, currently in the order of the German Federal Ministry for economic cooperation and development (BMZ) the use of Blockchain technology in the project funding. Using the Software, the development Bank wants to shape the future of work and approval steps within the framework of the procurement, contract design, tendering and payment processes of development projects more reliable.

Blockchain is on the rise

While concrete information about the Blockchain-adaptation in Tibet are missing currently, this technology is experiencing a Boom among Chinese state banks. The BOC had already filed in February, a Patent for the Blockchain scaling. A research Institute of the Ministry of industry and information technology on the other hand, was launched in March under the leadership of the Central Bank of a Blockchain Index. This should probably also be assessed with a view to the domestic industry in various Software formats, on the basis of the technology, applicability and Innovation.

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