Daily bitcoin: the National Council for social security fund will use block chain technology

Daily bitcoin: the National Council for social security fund will use block chain technology


The National Council for Social Security Fund (NSSF) vice chairman Wang Zhongmin said that the blockchain technology will be applied to the national social security system, because it can promote trade, reduce transaction costs.

“There is no doubt that the blockchain technology will achieve valuable application in the social security fund investment and management”.

Wang Zhongmin believes that the block chain can make people more free and low-cost transaction.

The National Council for social security fund will use block chain technology

Zhongmin

By the end of 2015 the National Council for social security fund management with 1 trillion and 900 billion yuan of funds, an increase of 24.6% over last year.

Block chain technology allows the parties to deal directly, without the participation of the third party. This is the sharing of reliable, tamper proof information list, which we call distributed books.

UBS (UBSGroup) chief operating officer AxelLehmann said:

“To achieve the blockchain potential, first need cooperation platform. UBS that must avoid the past interfere with the application of new technology industry standards war”.

Lehmann said, the good news is that this cooperation has been opened, there have been several large-scale cooperation organization. For example, many banks including UBS, have been widely explored block chain technology, and on the basis of open cooperation with colleagues to participate in research and development.

The National Council for social security fund will use block chain technology



AxelLehmann

At present, the main Chinese block chain initiative is China distributed Alliance (ChinaLedgerAlliance), the general research and development in non business organizations committed to block chain application. The alliance by universal blockchain Laboratory (WanxiangBlockchainLab) led, with similar structure and international alliance, can be said to be made of the domestic chain block in response to the rapid evolution of ecological environment.

The purpose of the alliance is in accordance with the needs of domestic enterprises, adjustment and development of the existing block chain technology, the development of industry standards, to ensure compliance with existing laws under the domestic environment. The association has 15 member units, including Financial Services Company and technology company.

At the beginning of the central bank announced that in response to domestic investors bitcoin encryption currency growing interest, began to explore the digital currency.

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