The cutting edge financial technology in big data helps achieve more social goals in the world’s second largest economy, contributing to the new digital age.
On May 26 to 29, business, industry leaders and buyers in big data from 20 countries and regions gathered in Guiyang city, the capital of Southwest China's Guizhou province at the International Big Data Expo 2017. Among the many topics discussed was blockchain technology and its future applications.
The country endeavors to apply the technology to more types of business. China has set its aim at eradicating poverty by 2030. Guizhou has got part of the strategy with utilizing information technology to key development programs and exploring potential beyond the finance sector.
More than 300 billion poverty alleviation funds are to be implemented to benefit the population of 49.3 million poverty stricken people along with a number of project commitment units in Guizhou province, according to Wang Jingdong, Executive Director of Industrial and Commercial Bank of China Limited.
“Ensuring that poverty alleviation funds have been raised and delivered accurately, invested and managed well, and paid back without trouble is an important issue placed in front of officials at all levels of the government,” he said.
Thanks to the advantage of transparency in usage, accurate delivery, and efficient management, Wang said it is possible to see the financial technology being applied in the coming social governance course.
Chen Gang, former Communist Party secretary of Guiyang directing the national big data pilot project in Guizhou since 2014, said that the blockchain technology due to its uniqueness enables the establishment of a more trustworthy cyber environment on the internet with credit and value in a far better and more efficient way.
There are twelve ongoing projects in Guiyang currently applying the blockchain technology, including monitoring accurate poverty alleviation and offering smart transportation services. It will better the charitable donation process as well, he said.
As a global fintech market with world’s major fintech companies, China has seen its government make a commitment to keep up the trend in informatization strategy.
In December 2016, China published its 13th National Five-Year Plan that included a document by the country’s State Council citing blockchain technology. The Informatization Strategy states “The internet, cloud computing, big data, artificial intelligence, machine learning, blockchain … will drive the evolution of everything — digital, network and intelligent services will be everywhere.”
This year the city of Guiyang, with strong support from the central government and benefit of the blockchain technology, is to lift one million people out of poverty and will make necessary targeted measures ensuring that assistance reaches all villages and households from a needy background.