Bank Of China Announces A Pilot Program To Connect Education With Smart Contracts

On Tuesday, the state-owned Bank of China unveiled a new program to connect primary school curriculum with smart contracts, according to local news site Sohu.com.

Under this program, parents in Chengdu, China’s Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY, thanks to a collaboration between local education and banking officials.

To begin, parents must pay a deposit to a private educational body for a series of classes. Following that, a smart contract binds each lesson to the deposit on a pro-rata basis. If their children miss a lesson, the e-CNY payment will be instantly paid back to their account via smart contract. According to the Bank of China:

“The program seeks to explore the benefits brought forth by e-CNY smart contracts. One potential use case is replacing the role of regulatory authorities to monitor payment transactions between parents and private education entities. Another is improving transactions’ liquidity via zero transaction fees embedded in the e-CNY design.”

Previously, the Bank of China launched an e-CNY airdrop initiative for Chongqing citizens as part of a municipal incentive to reduce carbon emissions.

Users who receive the airdrop can use their earnings to pay for scooter rides, meal deliveries without boxed utensils, recyclable shopping bags, and public transportation tickets.

Over 4,567,000 shops in China currently accept e-CNY as payment, as part of the country’s effort to boost and digitize the economy using emerging technologies such as blockchain.

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