National Audit Office of China proposes Blockchain solutions for data storage. As of the moment, the office carries the responsibility to store a massive amount of data. The office believes that these data can be stored more efficiently on a decentralized ledger.
25 April, AtoZ Markets – Chinese government auditor believes that Blockchain is able to “open up a window” to more streamlined data storage.
National Audit Office of China proposes Blockchain solutions for Data Storage
An article has been published this Tuesday on the website of the National Audit Office of the People’s Republic of China. The article has talked about practices of using a Blockchain technology to ease the limitations caused by the current data storage infrastructure. As of the moment, the office carries the responsibility to store a massive amount of data. The office believes that these data can be stored more efficiently on a decentralized ledger.
The Chinese National Audit Office is one of the 29 cabinet-level departments in China’s State Council. The Office examines all government-related financial transactions. These include anything from the administrative expenses to individual public programs. The office is also supervising provincial and municipal level auditing bureaus that feature their own designated commissioners.
The officials have thought of a decentralized system that would have every local office and accredited auditor as an individual node. According to the article, a Blockchain can decrease the workload of a central government, while at the same time making sure a traceable ledger timestamps every transaction at all the levels.
Blockchain Can Solve Capacity Issues
This idea is still in the theoretical stage, yet, the article provides a window into the thinking of a state-level government body in China in regards to the Blockchain technology. It is still unclear whether any actions will actually be focused on developing this idea.
As per the article, the necessity for decentralization has its roots in the existing operational model that is adopted by the central office. The latter is the only department that holds all the data reported by its commissioners at the provincial and municipal levels.
The office has written in the article:
“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.”
It has concluded that the concept of Blockchain can offer a window into solving these issues.
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