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.
- Utrust Joins Forces with Alternative Airlines for Flight Bookings with Crypto - November 13, 2019
- Dark Web Drug Dealer Pleads Guilty To Using Cryptocurrency to Launder More Than $19 Million - November 13, 2019
- Dutch Police Bust CEO of Blockchain Game Firm, Komodore64 – €78 million Gone? - November 13, 2019
- Celsius Hits over $4 Billion in Crypto Loans – Leading the Industry - November 12, 2019
- Coinbase Introduces Staking Rewards on Tezos - November 6, 2019
- Volvo Cars to implement blockchain traceability of cobalt used in electric car batteries - November 6, 2019
- EU-Funded Acceleration Project, LEDGER, Offering Support Services and Up to €200k Equity-Free for Blockchain Data Governance Projects - November 6, 2019
- Global Financial System Regulators – the Financial Action Task Force – Issue Draft Guidance on Digital Identity - November 5, 2019
- David Chaum Releases XX Alpha Messenger Promising Unprecedented User Privacy - November 5, 2019
- Æternity Blockchain Developers Plan to Take On Ethereum With Final Hardfork – Handing over Governance to the Community - November 5, 2019
- Researchers Claim Cross-border B2B Blockchain Transactions set to Explode to $4.4 Trillion by 2024 - November 5, 2019
- Global Companies Unite to Unveil Comprehensive Framework for Tokenization – It’s About Time - November 5, 2019
- Microsoft Kicks Off Enterprise-ready Crypto Token Platform On Azure – Predicts Tokenization Is A Pillar Of The Coming Revolution In Multi-Party Applications That Blockchain Technology Ushered In - November 5, 2019
- Polish-British Blockchain Company Billon to Digitise Euro in Deal with Raiffeisen Bank International - November 5, 2019
- 500.com Limited Releases Intel on Blockchain Technology for China’s Lottery Industry - November 4, 2019
- Oxfam, Etherisc, and Aon Find Success with First Blockchain-Based Agricultural Insurance Policies for Smallholder Farmers in Sri Lanka - November 4, 2019
- Interview: Brock Pierce and Two Prime’s Alexander S. Blum - November 4, 2019
- Samsung Bullish on Blockchain – Pushing for Developers on New Samsung Blockchain Platform SDK - November 1, 2019
- Busted: SEC and CFTC Nail First Global Credit – a Swiss Security-Based Bitcoin Swaps Dealer That Allegedly Aimed at American Investors - November 1, 2019
- Zilliqa and Oxford Women in Computer Science Society Join to Bring Diversity to Blockchain Sector - November 1, 2019