China Hopes On Blockchain Technology For Government Audits

China Hopes On Blockchain Technology For Government Audits

The National Audit of the People’s Republic of China, the country’s supreme audit institution, is pinning high hopes on blockchain technology as a way to improve government auditing functions, according to a statement posted April 24.

An article titled “Some Ideas on Applying ‘Blockchain’ Technology in Big Data” notes that the blockchain portion of the stock market has increased 19.95% for eight straight days this year, reflecting blockchain application capability. The technology, according to the article, can improve data storage, management, transmission and other work modes for data audits.

The article offers an overview about blockchain technology, noting that its features decentralized computing and time stamping services such as recognizing textual information based on time sequence and the permanent saving of data.

Culled from CCN

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