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China’s Social Security System to Implement Blockchain

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. 


Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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