While the whole world has been using the blockchain technology for some time now, even if sectors such as retail which is using blockchain retail, China’s National Council for Social Security Funds is adopting blockchain tech for the first time to keep down transaction costs.

“Blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds,” Wang Zhongmin, vice chairman of the council told state newspaper China Daily.

The National Council for Social Security Funds managed around 1.9 trillion yuan ($285 billion USD) as of the end of 2015.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com