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 realisation something needs to change. Their infrastructure is outdated, and new technologies need to be embraced. Moreover, the central points of failure, such as databases, need to be restructured. The blockchain seems to solve all of these problems and do so much more.
One of the primary selling points of this technology is its ability to lower transactions costs. Additionally, it makes trading activities more fluent. Chinese Social Security Fund National Council VC Wang Zhongmin feels “blockchain will be used in the social security system:. A very welcome vote of confidence for this technology most people wouldn’t give a second glance just a few years ago.
The Blockchain For Social Security Makes Sense
To put things in perspective, the National Council for Social Security Fund managed nearly US$285bn in 2015. That is quite a