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Blockchain

Good News For Crypto: China’s Official Government Auditors Using Blockchain Now

China’s official government auditor thinks that adopting blockchain technology will help to store and streamline data more effectively. National Audit Office of the People’s Republic of China addressed their concern regarding the problems faced by its current data storage infrastructure, and they believe that all this data can be stored more effectively on a decentralized infrastructure.

Switching over to blockchain technology infrastructure from the current data storage process will help National Audit Office of People’s Republic of China in many ways:

  • It will reduce the central government’s workload while ensuring a traceable ledger that timestamps every transaction at all levels.
  • There will be transparency, on all government-related financial transactions, ranging from administration expenses to individual public programs.
  • Audit at the provincial and municipal level will be very easy and just a click away.
  • It will eliminate the designated commissioners on all audit bureaus and make the process faster, automatic and transparent.

The existing operational model in the central office stores every piece of data reported by its commissioners at the provincial and municipal level will be decentralized. Since bureaus at these levels do not keep the data, the National Audit Office runs into the situation where we have to expand our software and hardware capacity indefinitely – which is a vicious circle.

Muhmmad Furqan

Furqan is a financial markets expert. A regular trader of cryptocurrencies and hold some investments in Bitcoin, Stellar, IOTA and OST. Contributes with latest industry insights. Contact the editor at editor.opinions@blockpublisher.com

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