The PRC authorities have reported on the implementation of distributed ledger technology in the operations of 140 government services, reports the local news portal BJD.
Blockchain has allowed government officials to ditch paper certificates and cut 40% of their maintenance costs.
“This is a breakthrough in data exchange. Storing electronic certificates on the blockchain increases reliability, efficiency and simplifies the data verification process,” says the government representatives.
Blockchain services are divided into three categories: data exchange and transmission, joint processing, and storage of electronic licenses and certificates.
One of the services transferred to the blockchain is real estate registration. Within the system, 11 state bodies exchange information at once, including the commission for municipal planning, the commission for housing and rural development in cities, the tax bureau, the public security bureau, and others.
Recall that the President of the People’s Republic of China Xi Jinping announced the need to take a leading position in the implementation of blockchain back in the fall of last year.
In June 2020, the commercial bank China Zheshang Bank issued $ 16.9 billion in blockchain securities, and China’s state blockchain platform announced the introduction of Chainlink decentralized oracles.