China Set to Launch Blockchain-Based Identity Verification Platform: RealDID
Summary:
China's Ministry of Public Security is set to introduce RealDID, a blockchain-based platform designed to verify the real-name identities of its citizens. The platform, an initiative of the Blockchain-based Service Network (BSN), will permit secure and private online registration and login for Chinese nationals. The implementation date remains uncertain, but it is mentioned for its huge potential in ensuring personal privacy. This move follows recent regulations requiring public real-name disclosure by significant social media influencers. China continues to enhance its focus on emerging technologies such as AI, cryptocurrencies, and domestic production of semiconductor chips.
The Ministry of Public Security in China is set to introduce a blockchain-driven platform named RealDID, aimed at authenticating the real-name identification of Chinese nationals. The Blockchain-based Service Network (BSN), a notable blockchain company in China, released this information at an event on December 12th, mentioning that the venture is a collaborative effort with the Chinese Government. The platform is designed with several functionalities such as verifying personal real names, encrypting personal data for protection, facilitating private logins, business identity verification, personal ID certificate services, and providing information vouchers for personal identity. The RealDID software will grant Chinese users the ability to register and privately log into online platforms via DID addresses, thereby ensuring privacy in transactions and data exchanges between individuals and businesses. While there's no official word on when this will be unveiled or adopted by China's enormous population of 1.4 billion, the potential for ensuring personal privacy was highlighted as vast.
The National Information Center in China operates BSN, which is also linked with massive tech companies in the country like China Mobile and China UnionPay. This development follows a recent mandate in late October by six major Chinese social media platforms, including WeChat, which requires content creators amassing between 500,000 to 1 million followers to reveal their real names and financial sponsors publicly. With an aggressive push behind initiatives and regulatory reforms centered around forthcoming tech such as artificial intelligence, central bank digital currencies (CBDCs), and cryptocurrencies, China is rapidly moving forward. An active effort is also underway to lessen reliance on semiconductor chips manufactured in the United States by increasing local production.
In related news, a Hong Kong-based gaming company is set to acquire $100M worth of cryptocurrency for its treasury following a CBDC deal between China and the United Arab Emirates - this and more in the Asia Express edition.
Published At
12/12/2023 3:47:47 PM
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