In line with an official ‘press release‘ published, the govt. of China has revealed “Guiding Opinions on Rural Service Revitalization of financial Services.” The new framework is an important perspective to boost the potency of financial services for the country’s rural revitalization program.
This steering can supposedly facilitate promoting the application of latest technologies within the rural financial sector, like blockchain, to “improve the identification, monitoring, early warnings, and disposal levels of agricultural credit risks.”
The Guiding Opinions were together issued by the PBoC [People’s Bank of China], the Banking regulative Commission, the China Securities regulative Commission, the Ministry of Finance, along with the Ministry of Agriculture and Rural Affairs.
Employing blockchain in agriculture finance can supposedly contour the gathering and sharing of agricultural information. Blockchain-based client screening is anticipated to boost the credit analysis model of agricultural businesses, increasing the no. of loans issued whereas decreasing risk to creditors.
The announcement conjointly predicts that the new technologies would encourage monetary establishments to “develop exclusive loans merchandise and small payment settlement functions for rural e-commerce and to open up a rural e-commerce capital chain.”
China’s foray to employ blockchain in numerous industries also extends to copyright protection services in their media oulets. Even earlier in Dec. last year, the ‘China Financial Media Copyright Protection Alliance — that ‘consists‘ of around more than 30 financial media outlets – declared that it’ll user blockchain technology to develop copyright cooperation within the industry.
Overall, China is a global leader in applying blockchain technology to numerous industries. In 2017, China filed additional patents for blockchain applications with the WIPO [World Intellectual Property Organization] than any another country. However, well over half of the 406 patents filed with the WIPO that year were from China, with 225. China was followed after by ‘U.S.‘ at 91, and Australia, with 13.