The National Audit of the People’s Republic of China, the country’s supreme audit institution, is pinning high hopes on blockchain technology as a way to improve government auditing functions, according to a statement posted April 24.
An article titled “Some Ideas on Applying ‘Blockchain’ Technology in Big Data” notes that the blockchain portion of the stock market has increased 19.95% for eight straight days this year, reflecting blockchain application capability. The technology, according to the article, can improve data storage, management, transmission and other work modes for data audits.
The article offers an overview about blockchain technology, noting that its features decentralized computing and time stamping services such as recognizing textual information based on time sequence and the permanent saving of data.
Present System Has Limitations
The present system for auditing data relies on centralized storage, the article noted. Accredited agencies collect the data to do their audits, then upload it to a data center. While the method has a high level of security, it is destined to result in “infinite expansion” of data center hardware and software requirements.
The 19th Party Congress established goals for using science and technology, including the integration of the Internet, big data and artificial intelligence, the article noted. General Secretary Xi Jinping called for taking the initiative with using big data.
However, in the audit area, big data applications remain in an environment in which data usage operations are cumbersome to administer, management is complex. On-site auditors, the article noted, are inconvenient.
Source/More: China Pins Hopes On Blockchain Technology For Government Audits
