Although cryptocurrencies are not well-liked in China, blockchain technologies, on the other hand, maybe very well supported.
In spite of prohibiting the access to cryptos in the country, China will be exploring the usage of blockchain technologies to “improve the data storage, management, transmission and other work modes in future big data audits.” That, according to declarations recently given by the National Audit Office of the People’s Republic of China.
In its declaration, the National Audit Office establishes a more cheerful point of view regarding the possibilities of using blockchain tech in China, specifically in processes related to auditing big data.
Regarding this, the document’s rough translation points to concerns about impending problems related to the growing amount of data being handled by the office.
The document specifically quotes:
“At present, audit data is managed using a centralized storage method, which is first collected by the accredited agencies to audit objects, then uploaded to the Audit Office Data Center (hereinafter referred to as the data center), and then centrally managed by the data center. The accredited agencies do not store relevant data. Although this management model has a high level of data security and legitimacy, it will also result in the unlimited expansion of data center hardware and software equipment requirements. It will never be able to meet the endless cycle of data storage and management, resulting in more data center workload.”
Furthermore, the office states that this may be closely related to the goal the General Secretary, Xi Jinping, has for making the country stronger in the fields of science and technology. The anticipation is that this would serve as a tool to follow closely and optimize the processes they utilize, achieving the points they set at the 19th National Congress.
There is still a significant gap between the General Secretary, Xi Jinping, and what the Audit Committee Group has required in this matter. An improvement is more than necessary and it all seems like the blockchain technology is the perfect medium to make that happen.
“The “blockchain” technology’s encryption algorithm, timestamp, and data self-management [will] enable the data center to track and record every auditor’s data events and other activities that require data collection, identity management, and the creation of auditor data operations.”
While it seems like the government of China is finally welcoming blockchain technologies, what happens with cryptocurrencies in the country remains as is. Just this week the authorities apprehended 600 computers on the grounds of potential usage for mining activities and, back at the beginning of the month, police officers stopped a conference related to the blockchain.
So, when it comes to cryptocurrencies on the market, it all seems like this is not going to change any soon. Although the country is already developing its own crypto, a fact that evidently shows their interest regarding virtual coins.