China’s Social Security System to Implement Blockchain

219

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group

Share with:


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.

Read article in full here. 

 

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group
SHARE
Previous articleChina Merchants Bank Joins Blockchain Consortium R3 – Joins Chinese Insurance Behemoth As Second Chinese Member
Next articleHyperledger Blockchain Project Seeing Massive Growth of 170 Percent in Six Months
Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.