A new e-CNY smart contract test program for education is released by the Bank of China.
In the pilot test, parents used smart contracts to sign up their kids for after-school job programs.
The state-owned Bank of China reportedly unveiled a new initiative on Tuesday to integrate smart contracts into elementary school curriculum, according to the local news source Sohu.com. Parents living in Chengdu, a city in China’s Sichuan province, will be able to sign up their kids for after-school or extracurricular activities using the digital yuan central bank’s currency, or e-CNY, thanks to a collaboration between the city’s financial and educational authorities.
In the pilot test, parents first provide a private educational institution a deposit for a number of classes. After then, each lesson is proportionally linked to the deposit through a smart contract. In this method, the e-CNY money is immediately paid back to their account through smart contract should their kids miss a class. According to the Bank of China:
“The initiative aims to investigate the advantages offered by e-CNY smart contracts. One such use is the replacement of the regulatory agencies’ oversight of financial transactions between parents and private educational institutions. Another is the e-CNY design’s use of $0 transaction costs, which increases the liquidity of transactions.”
Prior to this, the Bank of China launched an e-CNY airdrop initiative for Chongqing citizens as a local incentive to reduce carbon emissions. Users who receive the airdrop may use their earnings to purchase scooter rentals, unpackaged food delivery, reusable shopping bags, and public transportation tickets. According to China’s aim to energize and digitize the economy with the use of cutting-edge technologies like blockchain, over 4,567,000 shops all across the nation now accept e-CNY as payment.