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China hit blockchain on the consequences of coronavirus

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China declares victory over the coronavirus pandemic – rightly so? | COVID-19 Special

China hit blockchain on the consequences of coronavirus

China hit blockchain on the consequences of coronavirus
CONTENT

  • Chinese authorities in Nanjing begin issuing consumer vouchers on blockchain.

  • Vouchers are a measure of financial support for consumers in a crisis triggered by COVID-19.

  • The pandemic has forced the authorities to intensify the use of blockchain technologies.

International consortium of news organizations developing transparency standards.

Regional Authorities in China Decide to Use Blockchain Technology to Issue “Consumer Vouchers” to Help Victims of COVID-19 Pandemic.

China hit blockchain on the consequences of coronavirus

The authorities in the major Chinese city of Nanjing have decided to use distributed ledger technology (DLT) Distributed Ledger Technology (DLT) is an electronic database system distributed across multiple network nodes or … More) to issue so-called “consumer vouchers.” This palliative measure was developed as part of massive support for citizens who have felt the consequences of the crisis provoked by the coronavirus pandemic.

Blockchain vouchers instead of money

The administration of the city of Nanjing – the capital of the eastern Chinese province of Jiangsu and the former capital of the entire Middle Kingdom during the reign of the Ming dynasty – has added to the list of Chinese institutions and companies that have begun to master blockchain and distributed ledger technologies for utilitarian purposes.

The Nanjing authorities felt that new technologies could be a useful aid in supporting the city’s residents in these difficult times. Specifically, they developed the idea of ​​blockchain-issued vouchers to act as a financial aid package for consumers and companies..

China hit blockchain on the consequences of coronavirus

The new vouchers can be exchanged for food, household appliances, and used to pay for travel. This scheme will operate on a designated network of brands and stores, including, for example, Didi Travel and Pizza Hut..

The blockchain project was launched in June by the combined efforts of the city authorities and various brands. In the coming months, it is planned to issue such consumer vouchers for an impressive 1 billion yuan (about $ 141 million). As of June 15, the authorities have already issued vouchers worth over 380 million yuan (about $ 54 million). Vouchers are issued and distributed through the drawing of the open lotteries and through directed distribution.

It is possible that other cities in China may follow the example of Nanjing..

Do you find such consumer vouchers a useful idea? How else can blockchain technology help in everyday life? Join the discussion in our Telegram channel – and you will find out everything!

Blockchain strides across China

Recall that Beijing took a course on the country’s leadership in the blockchain technology segment last fall, officially launching a nationwide campaign to “blockchain” the real economy. However, the outbreak of an unprecedented coronavirus epidemic has given China a powerful incentive to accelerate the massive adoption of innovative solutions to address the consequences of the economic crisis provoked by the coronavirus..

Earlier, the editorial staff of BeInCrypto already said that Beijing approved the implementation of 224 new projects at once, tied to blockchain technology. In addition, in April, a national blockchain committee was established in China with the participation of a number of technology heavyweights, the main goal of which will be to set standards for technology absorption in the country..

China hit blockchain on the consequences of coronavirus

This was partly due to concerns about the use of paper money. At the peak of the pandemic, the authorities of several states expressed concern that traditional banknotes could become a carrier of infection. So, earlier we wrote that in May, employees of the city administration and other government agencies of Suzhou were supposed to receive their salaries in DCEP digital currency..

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