China Implements Blockchain-Based Real-Name Verification System for Digital Identity Management
China is taking a significant step in digital identity management by experimenting with a blockchain-based real-name verification system. This system aims to allow internet users to log into online platforms without divulging personal information such as phone numbers.
BSN and the Ministry of Public Security’s First Research Institute jointly launched the Real-Name Decentralised Identifier (RealDID) system.
The project aims to encompass all 1.4 billion Chinese citizens through various pilot projects and a public key infrastructure (PKI)
Government retains access to user identities if necessary, to sign files, watermark them, and access personal information while companies will not have.
The system aims to counter the monopolization of data traffic resources by large internet platforms and mitigate data leaks, as stated by a security ministry official.
BSN emphasized the need for a robust mechanism to protect personal privacy data, seen as pivotal in ensuring the security and compliance of personal data circulation between institutions.
The RealDID system is likely to protect user data in commercial data exchange scenarios and enable secure and compliant data sharing.
Key Aspects of the BSN
1. Diverse Blockchain Integration
2. Government Support
3. Global Expansion Goals
4. Wide Range of Applications
5. Compliance with Regulations
6. Interoperability and Cost-Effectiveness
7. Data Privacy and Security
Hot Take
The BSN represents a significant step in China’s blockchain sector. It endeavors to foster innovation in various fields, despite facing global trust and acceptance challenges due to its governmental associations.
By
By
By
By
By