As per a leading official newspaper, the Food and Drug Administration of the Chinese Chongqing Yuzhong District is looking forward to making use of blockchain technology for its day to day operations.
Primarily, the idea is to apply the blockchain technology for a robust supervising process which would in a way strengthen food and drug quality assurance with better control on the product life cycle and steps for anti-counterfeiting measures.
Deng Ke, who is the CEO of Prime Number Chain Technology Chengdu Co confirmed that the company is in the process of developing blockchain which will be used by the government. This would not only help improve the government’s various regulatory steps and measures but will also improve the efficiency of the supervision to a great extent. The blockchain traceability system will provide a centralized management system for managing traceability information. This would make it easy for enterprises seeking permit queries and information about products.
In one of the latest developments, China’s Cyberspace Administration has designed new regulations for blockchain firms that are operating in the country.
Recently, it was in the news that China’s self-regulatory financial institutions and the China Banking Association is looking forward to launching a blockchain-based platform for greater efficiency across sectors. It is called “China Trade Finance Inter-bank Trading Blockchain Platform” which aims at using blockchain to make transactions, trade finance and other financial services very efficient.