March 28, 2024
China Adopts Blockchain for Identity Verification
Latest Cryptocurrency News

China Adopts Blockchain for Identity Verification

The Chinese Ministry of Public Security aims to introduce RealDID, a blockchain-based identity verification system, to enhance personal data security. Developed in collaboration with the Chinese government, RealDID by the Blockchain-based Service Network (BSN) is versatile, serving purposes like real-name confirmation, encrypted data protection, private logins, business identities, personal ID certificate services, and information vouchers for personal identity.

Chinese citizens can use DID addresses for anonymous registration and logins on online platforms, safeguarding privacy in transactions between individuals and businesses. While the official implementation date for China’s vast population of 1.4 billion remains undisclosed, the initiative is touted to have “huge potential” in ensuring personal privacy.

Operated by China’s National Information Center, BSN has affiliations with prominent Chinese tech entities like China Mobile and China UnionPay. In late October, six Chinese social media platforms, including WeChat, mandated content creators with 500,000 to 1 million followers to publicly disclose real names and financial backing.

China continues its rapid advancement in various technology domains, intensifying efforts in artificial intelligence, central bank digital currencies (CBDCs), and cryptocurrencies, and reducing reliance on U.S.-made semiconductor chips through enhanced domestic production. The RealDID initiative aligns with China’s commitment to leveraging blockchain for secure and private identity verification.

Image by wirestock on Freepik

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