More Opportunities With the Blockchain Technology

More Opportunities With the Blockchain Technology

According to a senior financial auditor in the Chinese government, Blockchain can be used to create more opportunities for storage of live data.

Using Blockchain to Solve the Stalemate in the Industry

On Tuesday 24th April 2018, the People’s Republic of China, through its National Audit Office published an article that gave a detailed explanation on how they plan to use the Blockchain technology. At the moment, there is a serious hinder delay that has been caused by the countries data storage system.

The Chinese National Audit Office, therefore, thinks they can safely use blockchain to solve this kind of traffic. The office is currently charged with the responsibility of taking care of the huge amount of data, and the officials here believe this kind of data can be safely kept on a decentralized ledger.

The Role of China’s National Audit Office

Forming part of the 29 departments that are within the China’s State Council, the main role of this body is to assess all the financial operations that are related to the People’s Republic of China. This varies from personal public programs all the way to other administration expenses. In addition to that, the National Audit Office is also charged with the responsibility of monitoring the municipal and provincial levels of auditing agencies.

All of these agencies have their personal commissioners. Going further, the article noted that the body is looking forward to a decentralized technology that would have both an accredited auditor and the local offices as one personal node.

Blockchain, according to China’s National Audit Office, can be used to lower the workload that has burdened the central government for a long time. It will also be able to ensure not only a traceable ledger but also one that timestamps all the operations that have been undertaken in all the departments.

Could This Be Just a Theoretical System?

Whereas this whole idea has not been proved to be practical, the organization through the article it published left so many questions to be answered. Many could think that the article was trying to indicate a possible state-level government organization in this country as far as the Blockchain technology is concerned. At the moment, time will tell if this kind of theoretical technological upgrade will be developed and used in the proposed sector.

Why an Urgent Decentralization System is Needed in China

Due to the current operating system that has been adopted by the Chinese Central Office, an urgent introduction of a decentralized system will help a lot.

The Central Office is the only the government office that is charged with the responsibility of keeping all the pieces of data that both its municipal and provincial commissioners have reported.

Finalizing on the matter, the office stated that the National Audit Office, at times, gets into a situation where they are forced to expand the capacity of their hardware and software systems. This happens because the bureaus present here do not have the responsibility of storing the data. Since this happens in an indefinite manner, it might end up becoming vicious in a way.

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