China Explores Blockchain Tech For Social Security Fund Revamp
Wanxiang Blockchain Lab will lead the development and research of blockchain technology. The China Ledger Alliance will focus on creating new blockchain-based applications. Blockchain technology is being used for quite a few different things around the world today. China, while best-known for their Bitcoin trading volatility, is looking at the technology as well. To be more precise, the Chinese government wants to use the blockchain for social security. An interesting train of thought, and another validation for distributed technology. Governments around the world have come to the....
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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,....
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....
According to Wang Zhongmin, China’s vice-chairman of the National Council for Social Security Fund (NCSSF), the country will use blockchain technology to issue Social Security payments. Several Large Collaboratives to Help Implement Blockchain to China’s Social Security Fund. News publication China Daily has reported that China will use a form of....
China’s Ministry of Industry and Information Technology (MIIT) has published the country’s first official guiding document on blockchain technology and its applications in the country. China, which sees a significant majority of the world’s bitcoin trading, is a notable example of a major government’s foray into understanding cryptocurrencies like bitcoin, and its underlying technology, the blockchain. Just a month ago in September, the Chinese government was revealed to be working on developing and eventually using blockchain-based solutions for social security payments. Talking about the....
Blockchain applications platform Lisk has announced it has successfully completed a total revamp of its core software. Releasing version 0.6.0, which features the latest LTS Node.JS 6.9 release tree and comprises multiple security and stability updates, developers said these factors were a top priority going forward. “Utilizing the latest Node.JS LTS release aligns with our mission to ensure maximum stability and security for the Lisk Core - a top priority for us,” Lisk Foundation President Max Kordek said in a press release. “Our latest version 0.6.0 will allow for further significant....