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Bank of China uses blockchain technology to combat poverty in Tibet

Arjun B

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Bank of China uses Blockchain technology to combat poverty in Tibet
Source: Pixabay

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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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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