China plans to utilise blockchain technology for social security funding and payments through its National Council for Social Security, which oversees a budget of $4.5 billion and is increasing annually by 24.6 percent. The use of blockchain technology aims to minimise costs, make social security transactions more efficient and streamline record-keeping. Fintech-friendly China has shown great interest in blockchain, with Shanghai hosting the largest blockchain event in history this year. The nation’s modern outlook on internet-based banking solutions has encouraged the use of technology such as blockchain for a wide range of financial transactions.
China plans to utilise blockchain technology for social security funding and payments through its National Council for Social Security, which oversees a budget of nearly $300 billion and is increasing annually by 24.6 percent. The use of blockchain technology aims to minimise costs, make social security transactions more efficient and streamline record-keeping. Fintech-friendly China has shown great interest in blockchain, with Shanghai hosting the largest blockchain event in history this year. The nation’s modern outlook on internet-based banking solutions has encouraged the use of technology such as blockchain for a wide range of financial transactions.