National Audit Office of China recently posted an article on using blockchain technology to improve the bottleneck which is caused by their current data storage infrastructure. As discussed in the article posted on the official website, the Audit office currently deals with enormous amounts of data taking the entire responsibility for its safety and correctness. It is believed by the main responsible bodies of the office that this data can be stored on a decentralized platform which will make the entire process more efficient.
As reported, the National Audit Office is responsible for all the government-related financial transactions, starting from administration expenses to individual public programs. In addition the office also supervises provincial and municipal level auditing bureaus which also have their own designated commissioners.
The main mentioned benefit of blockchain technology is the opportunity to reduce the central government’s workload and ensure a traceable ledger that would timestamp every transaction at all levels at the same time. The decentralized system is suggested to be owned by every local office and accredited auditor as an individual node.
As stated in the article, bureaus at lower levels do not keep the data and hence the National Audit Office runs into the situation where there a great need to expand the software and hardware capacity indefinitely which is a major issue considering how fast the amount of new data increases. “The concept of blockchain and technology will offer the office a window into solving the list of problems that are currently present”, concluded the article.
At this point the article still remains a theory while making the key point of blockchain technology being able to open a window into the thinking of a state-level government body in China. It is still unknown if the government would actually take any steps towards making further research on this direction and making the theory into a working system.
