China's Social Security Chairman Open to Blockchain Integration

China's state social security system is reportedly looking to integrate blockchain technology as part of a bid to cut costs.

AccessTimeIconSep 6, 2016 at 3:50 p.m. UTC
Updated Sep 11, 2021 at 12:28 p.m. UTC
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China's state social security system is reportedly looking into how it could leverage blockchain technology.

According to state-run newspaper China Daily, Wang Zhongmin, the National Council for Social Security Fund's vice chairman, the office is exploring the technology with the goal of reducing transaction costs.

The article, while presenting a potentially notable development from China, had few details on what this integration would entail.

Zhongmin said:

"There's no doubt that blockchain technology will be used in the Social Security system because of its valuable applications in the investment and management of social security funds."

While it's unclear what the integration would look like, it mirrors other explorations happening elsewhere in the Chinese government, including its central bank, though these trials appear to be more focused on financial technology more broadly.

among business entities in the country as well as work with firms outside of China indicates that both private and public sector interest in blockchain exists. Investor activity in the country has also been on display in recent months, as shown by Chinese participation in Circle's recent $60m funding round.

China flags via Shutterstock

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