China’s Social Security to Use Blockchain Tech
The Chinese government is to use blockchain technology for social security payments such as unemployment benefits and pensions. According to China Daily, Wang Zhongmin, vice-chairman of the National Council for Social Security Fund states: “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.” The National Council for Social Security manages almost $300 billion with a budget increasing yearly by 24.6 percent. Due to blockchain’s ability to cut out middle men,....
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China's state social security system is reportedly looking into how it could leverage blockchain technology. According to state-run newspaper China Daily, Wang Zhongmin, the National Council for Social Security Fund's vice chairman, the office is exploring the technology with the goal of reducing transaction costs. The article, while presenting a potentially notable development from China, had few details on what this integration would entail. Zhongmin said: "There's no doubt that blockchain technology will be used in the Social Security system because of its valuable applications in....