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. News publication China Daily has reported that China will use a form of distributed ledger technology to facilitate faster payments and lower transactional costs. The Daily, when reporting the news, cited the blockchain’s ability “to carry out direct transactions without using an intermediary,” which provides a tamper-proof record of information.
In 2015, the NCSSF managed 1.9 trillion yuan, and said the number had been increasing 24 percent every year.
Axel Lehmann, chief operating officer for UBS Group, says there will be “several significant large collaborative efforts” as part of this announcement.
https://news.bitcoin.com/china-social-security-blockchain/
