The Chinese government has announced that it will start to use the blockchain to collect taxes and issue electronic invoices. In 2016, the government revealed that it had listed the distributed ledger in its Thirteenth Five-Year National Informatization Plan.
Since then the country has been working at implementing the blockchain into daily life, reports Futurism, with reports suggesting that China is leading the way with the advancements of the technology.
One of the country’s latest initiatives has seen China’s online-only insurer ZhongAn working on a blockchain platform to track the chicken supply in the country. China has also seen its central bank complete a digital currency trial on the blockchain with its own cryptocurrency. Whereas Australia Post has joined with Alibaba to fight the problem of counterfeit food in China.
With the Chinese economy the world’s largest with a 2016 GDP of over RMB 70 trillion or around US$10.4 trillion, this could future catapult the country forward given the importance China is attaching to it.
Courtesy of www.cryptocoinsnews.com.This is telling that even if the China government has some apprehensions about Bitcoin, it is actually impressed with the technology behind the cryptocurrency which is the blockchain. Just like Russia, this country and the people manning the government know that the blockchain is a very revolutionary innovation and that it can be applied to any area of its governance and many industries.
