Bank of China uses blockchain technology to combat poverty in Tibet

According to a survey conducted by the World Bank in 2015, more than 700 million people are living without sufficient money to fulfill their basic necessities or afford a considerably comfortable in a society like in the modern world. In the year 1990, the number of people who lived in poverty was close to 1.75 billion.

One of the largest state-owned banks in China, Bank of china [BoC] has announced that the bank is going to irradiate poverty with a mighty weapon called blockchain technology in the Southwest China Tibet Autonomous Region. Bank of China is going to integrate Blockchain technology to upgrade the existing cloud-based system of the bank’s poverty reduction fund.

Blockchain technology is going to be used in security verification of the bank’s transactions, information access, file transfer and subsequent allocation of the funds, the current cloud-based system enables the project management team to process the fund application for the fight against poverty. Blockchain technology will provide a multi-node network to easily stay connected with the partners of the bank and other fund applicants.

They are planning similar projects in poverty affected provinces like Gansu, Yunan and Qinghai. Tibet’s regional poverty relief office has said that around 330,000 people are in poverty which is about 12.4% of the total population.

The government of China has allocated $2.6 billion for the fight against poverty, which would be used by more than 1,700 anti-poverty projects to relocate and help increase the income of the people.

Even though the Chinese government’s contempt of cryptocurrency has not extended to blockchain technology which supports the tokens, China is implementing blockchain technology in various industries like financial sector, record keeping, transportation, food safety, and tracking. China is leading the global pack in terms of the number of blockchain patents being filed. The government has allocated millions of dollars for the research and growth of blockchain technology inside the country.

Xao Chi , an activist has tweeted:

“It’s dark

It’s cold.

You’re hungry.

You feel like there’s no hope left.

Totally abandoned.

#poverty has to be stamped out now!”

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