Shanzhai City (SZC) Releases Impact Oxygen Exchange (iO-X) as Blockchain Community Network
iO-X – The First Blockchain-Powered Community Impact Exchange in the World
Recently, Shanzhai City (SZC) announced the establishment of the Impact Oxygen Exchange (iO-X), the world’s pioneering community impact exchange network. iO-X is built using AI and blockchain technologies and is powered by real-world impact data from grassroots communities. The project will pilot in Guizhou, Anhui and Yunnan regions in China. Afterwards, it will extend to Vietnam, Myanmar, the Philippines, Laos, and Papua New Guinea, under the observation of the World Bank, the International Monetary Fund and the Asian Development Bank.
In China, iO-X intends to facilitate transactions involving food and other basic products and services worth RMB 3.7 billion every year. By the end of two years, this platform aims to have 20 million registered users across the world, with this number growing to 100 million after five years.
The iO-X platform is a product of the partnership between SZC’s last-mile data initiative for rural and remote communities and the high-performance exchange technologies of MiQS. The service allows grassroots communities to trade local products on a blockchain network. This makes such transactions transparent, fast and reliable. Moreover, iO-X can comfortably handle large volumes of peer-to-peer transactions due to the integration of the MiQS’s solution called XWings.
Presently, iO-X is overseeing the Rural Product Innovation and Folk-Art Revival forum, an event organized to commemorate the application of iO-X in Guizhou. The forum is also supported the Maogong Township Government in Liping County, Guizhou Province.
The aforementioned event was officially launched by Tat Lam, the CEO of Shanzhai City. Lam said that the development of the iO-X platform is a significant step towards the usage of blockchain infrastructure to develop the society. He added that iO-X performs efficiently because of the excellence of the XWings backend solution developed by MiQS. Moreover, the platform is ready to adapt to various impoverished communities and transform them into high-return and sustainable economies. Lam concluded by saying that iO-X is the ideal solution for growing the economies of underprivileged regions.
Distinctive Features of iO-X
- Transparency of blockchain transactions
- Consumers and investors will have access to information regarding the entire life cycle of the food, from the planting to the packaging.
- Farmers and suppers can easily upload all relevant data using the SCZ DApp.
- Cheap impact measurement expenses due to the incentivization of self-reporting data by local communities.
About Shanzhai City
Shanzhai City is a social-finance technology firm that deals with last-mile data solutions driven by real-world data and a unique user-acquisition model built on AI and Blockchain technologies. The objective of this company is to contribute to the actualization of the United Nations' Sustainable Development Goals. To this end, SZC has been focusing on introducing technology solutions that are currently underdeveloped but have massive economic potential. SZC operates in China, Myanmar, Laos, Brazil, and Thailand.
MIQS is a company that provides technology solutions to clients in the finance sector. It has offices in Shenzhen, Chicago and Hong Kong. The objective of this firm is to assist their customers to provide improved financial services to their clientele.