China’s National Audit Relies On Blockchain Technology To Improve Government Audits

In a statement released on April 24, China’s National Audit, the country’s supreme audit institutions, is relying on blockchain technology to improve on government audits.

In an article titled “Some Ideas on Applying ‘Blockchain’ Technology in Big Data” indicates that there has been a 19.95 percent increment in the blockchain portion of the stock market for eight days in a row this year, copying blockchain application capability.

Based on the article, the technology is said to improve data storage, management transmission and other network modes for data audits.

The article gives a wide understanding of blockchain technology, mentioning that its features decentralized computing and time stamping services including identifying textual information according to time sequence and the permanent saving of data.

Presently, the system has limitations as it has to depend on centralized storage. Recognized agencies collect the data to carry out their audits before uploading it to a data center. Even though this technique is secure, it is intended to lead to “infinite expansion” of data center hardware and software requirements.

The articled noted that certain goals were set by the 19th Party Congress to utilize science and technology alongside the integration of the Internet, big data and artificial intelligence.

Yet in the audit area, big data application are kept in an environment in which data usage operations are burdensome to administer, with complicated management. According to the article, on-site auditors are tiresome.

“It is still a long way from the requirements of General Secretary Xi Jinping and the Audit Committee Party Group,” the article stated, adding that blockchain technology will “open a skylight” to address the issues.