China will adopt a blockchain system to digitize paper checks
The Central Bank of the country develops a blockchain-based system to achieve greater transparency and security
Authorities of the People’s Bank of China announced the implementation of a system based on blockchain technology to digitize paper checks and thus reduce spending by printing them, faster transactions, security in checking data in addition to fighting financial fraud.
According to information provided by Di Gang, from the Research Department of Digital Currency, they worked for a year on this solution that finally becomes a reality to optimize punctuality in the financial system.
The tests showed a three-second efficiency in digital billing. Thanks to the characteristics of the blockchain technology, it’s open and unalterable, which reduces the risks of an interruption in the chain or a cyber attack.
Despite the precautionary measures that the Chinese Government has taken regarding cryptocurrencies as payment mechanisms for goods and services, the authorities have enthusiastically embraced blockchain technology, as it offers speed, security and confidence.
Last May, the President of the People’s Republic of China Xi Jinping highlighted the benefits and importance of blockchain in the new technological revolution that offers innovative solutions and initiatives.
M.Pino
Source: Cointelegraph
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