Blockchain in China

According to RBC, the Beijing authorities said that 140 government agencies in China have already implemented blockchain. According to local news channel BJD, the use of distributed ledger technology has reduced costs by 40% and is a breakthrough that could not have been achieved without it.

“Blockchain is a breakthrough in data exchange that is difficult to implement in the traditional way. Storing electronic certificates on the blockchain increases the reliability, efficiency and simplifies the process of data validation”- explained the authorities.

The government noted that services using blockchain are divided into 3 categories. This is the exchange and transmission of data, their joint processing and the last – the storage of electronic licenses and certificates. As an example, a government official named a system for registering real estate. It includes 11 public sectors, including the Municipal Planning Commission, the Housing and Urban Rural Development Commission, the Tax Bureau, the Public Security Bureau and others.

In recent months, business activity in China grew at its fastest pace in nearly a decade in July, amid signs of broader recovery from the coronavirus crisis in some of Asia’s largest economies. That is, there is every reason to believe that China uses advanced approaches.

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