The Chinese authorities told how the distributed ledger technology is useful and in what areas it is applied

140 government services have already implemented blockchain, the Beijing authorities said. Using distributed ledger technology has helped reduce costs by 40% and is a breakthrough that could not be achieved with traditional systems, BJD reports .

“Blockchain is a breakthrough in data exchange that is difficult to implement in the traditional way. Storing electronic certificates on the blockchain increases reliability, efficiency and simplifies the data verification process, ”explained the authorities.

The government noted that services using blockchain are divided into 3 categories. This is the exchange and transmission of data, their joint processing and the last - the storage of electronic licenses and certificates. As an example, a government official named a system for registering real estate. It includes 11 public sectors, including the Municipal Planning Commission, the Housing and Urban Rural Development Commission, the Tax Bureau, the Public Security Bureau and others.

At the end of June, the Italian Banking Association (ABI), made up of more than 700 banks, announced that its members were ready to test the digital euro, which it wrote on its official website. Participation in related projects and pilot programs will help accelerate the adoption of the digital currency supported by the European Central Bank.