China's government auditor thinks blockchain can "Open up a window" to more streamlined data storage.
In an article published Tuesday on its website, the National Audit Office of the People's Republic of China discussed using blockchain to alleviate the bottleneck caused by its current data storage infrastructure.
At present, the office is responsible for a massive amount of data, which it believes can be stored more efficiently on a decentralized ledger.
The National Audit Office, as one of the 29 cabinet-level departments in China's State Council, examines all government-related financial transactions, ranging from administration expenses to individual public programs.
Envisioning a decentralized system that would have every local office and accredited auditor as an individual node, the article states that a blockchain can reduce the central government's workload while ensuring a traceable ledger that timestamps every transaction at all levels.
While still theoretical, the article offers a window into the thinking of a state-level government body in China regarding blockchain technology.
According to the article, the need for decentralization stems from the existing operational model adopted by the central office, which is the only department that stores every piece of data reported by its commissioners at the provincial and municipal levels.
"The concept of blockchain and technology will offer us a window into solving [the] basket of problems mentioned above."
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
China's Official Government Auditor Is Looking at Blockchain Solutions
pubblicato su Apr 25, 2018
by Coindesk | pubblicato su Coinage
Coinage
Menzionato in questo articolo
Notizie recenti
Vedi tutti
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.