Social security funds to use blockchain

Blockchain technology will be used in China's social security system because it can facilitate trade and lower transactions costs, according to Wang Zhongmin, vice-chairman of the National Council for Social Security Fund. "There's no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds," he said.

Wang said blockchains can enable people to trade freely and lower transactions costs.

At the end of 2015, the National Council for Social Security Fund had 1.9 trillion yuan ($284.5 billion) in funds under management, increasing 24.6 percent year-on-year.