A New Blockchain-Based Platform for Real-Name Authentication in China
The Chinese Ministry of Public Security is preparing to launch RealDID, a blockchain-based platform designed to authenticate the real-name identities of citizens. In collaboration with the Chinese government, this project encompasses various applications, including personal real name confirmation, encrypted protection and certification of personal data, private logins, business identities, personal identification certificate services, and information vouchers on personal identity.
A Focus on Application Scenarios and Collaboration
During a press release hosted by the Blockchain Service Network (BSN), experts in distributed technology gathered to discuss the development direction and application scenarios of the digital identity authentication system. The aim is to promote collaboration among multiple agencies and enable data circulation on the blockchain.
In addition, Chinese citizens will soon be able to register and access online portals anonymously through decentralized identity (DID) addresses using the RealDID application. This ensures privacy in transactions and data exchanges between individuals and businesses. However, no specific rollout date has been announced yet.
Advancements in Technology
China has been actively advancing its initiatives and regulations in emerging technologies, particularly in the development of central bank digital currencies (CBDCs). The former governor of the People’s Bank of China, Zhou Xiaochuan, stated that the country is nearing the conclusion of its multi-year digital yuan pilot. Xiaochuan emphasized that China has already achieved digitalization in approximately 90% of retail payments.
Hot Take: China’s Push for Digital Innovation Continues
China’s efforts to embrace blockchain technology and digital innovation are evident through initiatives like RealDID. By leveraging blockchain for real-name authentication, the Chinese government aims to enhance security and privacy while promoting collaboration among different agencies. Furthermore, with advancements in central bank digital currencies, China is positioning itself as a leader in digital payments. As the country nears the end of its digital yuan pilot, it showcases its commitment to technological progress and the potential for widespread adoption of digital currencies in the future.
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