Blockchain Solutions Might be the Answer to China’s National Audit Office Challenge

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Blockchain Solutions Might be the Answer to China’s National Audit Office Challenge
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China one of the Asian countries that gave Cryptocurrency a huge acceptance in the Asian continent some years ago is further looking for ways to expand and utilize the benefits of Blockchain technology.
This time around the government auditor of China believes that Blockchain can be used to lift obstacles faced in the storing of data with the help of Blockchain.
In the website of the National Audit Office of the People’s Republic of China, last Tuesday was an article published. The report revealed the challenges of the present data storage infrastructure and how Blockchain can be of help to eliminate this problem.
Currently, the company is in charge of the voluminous amount of data storage, and they believe that Blockchain can be of great help in the storage of this data efficiently on a decentralized ledger.
The whole idea behind this thought is to have a decentralized system where every local office and the accredited auditor will function as an individual node.
The article further states that, while making sure that ledger are traceable and timestamps at every level transaction are available, Blockchain would also reduce the workload on the Central Government.
The article also reveals that the urgent need for delegation arises from the existing operational model that the central office has chosen to run its affairs.
It is the only department that is in charge of storing every little piece of information reported by its commissioner’s both at the provincial and municipal levels.
The effect of this is having too many information to be stored with little or no space to store them.
According to a report from the office; “Since bureaus at these levels do not keep the data, the National Audit Office runs into the situation where we have to expand our software and hardware capacity indefinitely-which is a ‘vicious circle.’

“The concept of blockchain technology will offer us a window into solving (the) basket of problems mentioned above.”

The National Audit Office, as one of the 29 cabinet-level departments in China’s  State Council, is responsible for a number of things which include the following; examining of transactions that are government-related.
These transactions range from administration expense to individual public programs. It further oversees the provincial and municipal level auditing bureaus that have their own designated commissioners.
Though the whole idea is still theoretical, the article exposes us to the plan of a state-level government in China regarding the Blockchain technology.
It leaves us hoping and wondering if any practical action will be put into its actualization.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.