Blockchain

China’s National Audit Office plans to adopt the Blockchain Technology

As per an announcement published on the official website of The National Audit Office of the People’s Republic of China on April 24, it states that a Blockchain solution to solve the problem of an “endless cycle of data storage and management” for its current infrastructure is being developed.

The National Audit Office is assigned with the job of auditing every single government-related financial transactions, while also managing a centralized data center, where all relevant data is stored for all the subordinate auditing bureaus in the country, at both the provincial as well as the municipal level.

Therefore, it faces the huge problem of an “endless extension of data center hardware and software equipment requirements” to control a huge measure of incorporated information, and in addition a complex and eager staff framework.

The article published on its official website has proposed a Blockchain solution, which would utilize the “distributed node consensus algorithms to generate and update data, and encryption and decryption algorithms to secure data transmission and access.”

By adopting this solution The National Audit Office believes that it would significantly ease the workload of the central government.

As per the report, it also revealed that each and every single subordinate auditing bureau would be looked as an individual node assigned with ‘equal rights and obligations’ to fetch the data as well as store and maintain it.

Along with supervising the confidentiality and legality of subordinate auditors data operations, the central data center would also save just the timestamps.

Back in the previous month March, a government memorandum was leaked which reportedly had the blueprints of creating an “International Blockchain Investment Development Centre.”

Also back in February, several reports had been revealed which stated that the state-run Bank of China had filed a patent to research on the scalability of the Blockchain technology system.

Also just a few days back on April 22nd, at Shenzhen city’s Blockchain Expo, it was announced that a $79million Blockchain venture capital fund has been launched for providing necessary assistance to local blockchain based start-ups.

It seems like China is more receptive to adopting the Blockchain technology, in comparison to cryptocurrency trading on which the Chinese government has imposed strict regulations.

About the author

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Joel Picardo

Joel Picardo the Manager at TokenMantra has been in the Cryptocurrency space for the last 2 years and got to know about it through his mentor Arvind Borhade (CTO at U.CASH).He is also currently managing the operations at UCASH India. He is an individual filled with optimism and destined to be a billionaire in the future. His work ethics and dedication are second to none. He believes that Bitcoin and Blockchain would create many peer to peer decentralized originations.

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