An article by China Daily has revealed the news that China’s social security system will be utilising blockchain technology in reducing the cost of transactions and enabling trade. The National Council for Social Security Fund controls finances worth billions of US dollars and leveraging blockchain technology will result in huge savings as transaction speed is increased and third parties are removed.
Vice-chairman of the National Council for Social Security Fund, Wang Zhongmin was reported as saying: “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,”
Axel Lehmann, chief operating officer for UBS Group, explained: “To realize the full potential of blockchains, we will above all need to collaborate on a common platform. At UBS, we think it is essential that the industry avoid a standards war of the type that has bedeviled the adoption of new technologies in the past,”
China started research and development of blockchain applications with its China Ledger Alliance earlier this year.