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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