China’s Blockchain-Based Platform for Identity Verification
China has announced its plans to utilize blockchain technology to verify the real-name identities of its massive population of 1.4 billion individuals. The initiative, called RealDID, is a collaboration between China’s Ministry of Public Security and the Blockchain-based Service Network (BSN). Through RealDID, users will be able to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. This system ensures that personal information remains separate from business data and transactions.
US Proposal to Prohibit China-Made Blockchains
Last month, US lawmakers introduced a bill that prohibits federal government officials from conducting business with Chinese blockchain firms. The bill also explicitly blocks transactions with iFinex, the parent company of Tether. The purpose of this bill is to mitigate national security risks and protect private data from foreign adversaries. However, the US recently removed China’s Institute of Forensic Science from its trade sanctions list to promote counternarcotics cooperation. Despite ongoing concerns about human rights practices in China, the country issued a circular warning against producing fentanyl precursors.
Chinese Firms Embrace Web3 Despite Crypto Ban
Tencent and Huawei, two major Chinese tech giants, are making strides in the Web3 space despite strict regulations on cryptocurrency trading in China. These companies have been increasingly involved in various crypto events worldwide, leveraging their computing resources to support web3 startups. While their participation is at the intersection of Web2 and web3 due to China’s crypto ban, they provide cloud services to established tech verticals and now cater to web3 startups as well.
Hot Take: China Revolutionizes Identity Verification with Blockchain
China’s use of blockchain technology for identity verification represents a groundbreaking development in digital identity management. By implementing RealDID, China ensures the secure and anonymous registration and login of its residents on websites. This innovative approach separates personal information from business data and transactions, enhancing privacy and security. While concerns about China’s human rights practices persist, the country’s efforts to combat fentanyl production and trafficking demonstrate a commitment to counternarcotics cooperation. Chinese tech giants like Tencent and Huawei also showcase their adaptability by embracing the Web3 space despite regulatory limitations. Overall, China’s blockchain-based platform for identity verification sets a precedent for other nations seeking to enhance digital identity solutions.
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