China’s Social Security System to Implement Blockchain

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Blockchain technology will be used in China’s social security system because it can facilitate trade and lower transactions costs,  Wang Zhongmin, vice-chairman of the National Council for Social Security Fund told ChinaDaily.com last week.

“There’s no doubt that Blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds,” he said. “Blockchains can enable people to trade freely and lower transactions costs.”

At the end of 2015, the National Council for Social Security Fund had 1.9 trillion yuan ($284.5billion) in funds under management, increasing 24.6 percent year-on-year.

Currently, the China Ledger Alliance, a noncommercial organization focused on research and development of blockchain applications is the main body in the country looking at Blockchain technology. Led by research and development company Wanxiang Blockchain Lab and similar in structure to international collaborations, it can be considered China’s answer to the rapidly evolving blockchain ecosystem.

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About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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