China will use blockchain to help the poor

The Chinese government will use blockchain to counter poverty in the autonomous region of Tibet. This has been confirmed by local financial outlets.

Notably, cloud systems will also be used. The exact nature of the verification system in this case remains unknown. The issue of identification of the network users has been solved by the UN by installing a retinal clearance system in cooperation with a private Jordan firm.

Tibet is planned to be used as a testing ground, the government does not exclude expansion of this digital program to other regions if it proves successful. The list of possible other provinces includes Gansu, Yunan and Qinghai. The exact platform of this system is also a mystery at the press time. Officials mention the multi-node nature of the network, with funds and governmental banks as node managers.

The government of China views the market of cryptocurrencies dangerous, but is open to the popular “blockchain without Bitcoin” approach taken by the majority of conservative private sector managers. This has not stopped the Chinese Information Technologies Ministry from composing a rating of key world blockchain projects, including cryptocurrency-related ones. By the assessment of this ministry, Ethereum is currently the best blockchain project in the world.

Image: Da Qiong / China Daily