Chinese scientific and technical Corporation plans to use the blockchain to handle accounts

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Chinese scientific and technical Corporation plans to use the blockchain to handle accounts

Chinese state-owned company, aerospace scientific and technological Corporation (CASC) is planning to use the blockchain for the system of electronic accounts and payment of taxes.

Last year the appeal was of 1.31 billion digital accounts. Analysts predict that by 2022 this figure will increase to 54 billion.
The system, which the company uses at the moment, is unable to cope with the increasing workload. About reporting, difficulty in monitoring and the excessive amount of data is only part of the difficulties now facing CASC.

The blockchain is seen as a possible solution to these problems: technology allows you to easily track all the transactions on accounts at any stage.

It is also worth noting that the government of China gradually softens policy towards blockchain industry. In late may, the representative of China, XI Jinping for the first time publicly expressed a positive opinion on the blockchain: official recognized the high potential of the technology.

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