Through five agencies working under the Chinese government, Chinese citizens living in rural areas will now be able to get access to more funds through a blockchain platform. The agencies have just released a working plan on how the blockchain platform will be implemented to onboard Chinese agricultural workers into the financial industry and get them access to finances. The agencies spearheading the implementation of the program are the Ministry of Agriculture and Rural Affairs, Ministry of finance, China Securities Regulatory Commission, the Banking Regulatory Commission, and lastly the People’s Bank of China.
Through the five agencies working towards with the same goal, rural China which consists of farmers will get a test of innovative technologies in this case blockchain and help enhance access to finances. Besides blockchain technology, the agencies will be working on other emerging and innovative technologies to provide rural China with a robust financial system. Furthermore, implementation of the new technologies will help improve monitoring and disposal level of agricultural credits and also enhance identification systems in place.
Apart from improving access to finances in the rural areas, once the blockchain solution is up and running it will come in handy at helping collect data and also facilitate easy sharing of the data. Similarly, the platform will help enhance the credit valuation aspect of the system in place. Besides the mentioned, in the long run, the blockchain system will help reduce creditor’s risks while at the same time increase the issuance of loans. Moreover, with more innovative measures coming in because of technology financial institutions in the sector will develop suitable repayment plans for the farmers taking loans. Similarly, blockchain will help expose the rural areas into China’s capital chain ecosystem and help build the economy.
While rural China awaits the implementation of the new system, China, on the other hand, is also implementing innovative technology in other sectors. Among the many sectors getting a test of blockchain technology is the Chinese Media copyright protection services. Through China Financial Media Copyright Protection Alliance industry players announced in December 2017 that they will use blockchain technology to explore the opportunities available and curve an industry for their sector. Apart from being in the leading front as an industrious country, China was also the leading country in the patent application in 2017. Per data from the World Intellectual Property half of the applications received in 2017 were from China.