China Plans to Verify Identities of its 1.4 Billion Residents Through Blockchain-Based Platform

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Image Source: PexelsChina has unveiled plans to use blockchain technology for the verification of real-name identities of its vast population of 1.4 billion people

The announcement came from the Blockchain-based Service Network (BSN), China’s national-level blockchain initiative, according to a report from the Insider

The initiative, named RealDID, was spearheaded by China’s Ministry of Public Security in collaboration with BSN

The launch of the RealDID service will enable users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys

This approach ensures that personal information remains disconnected from business data and transactions.

In October, Chinese state media reported that the country’s top six social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, would require content creators with over 500,000 or 1 million followers to publicly display their real names or the names of their financial backers

BSN highlighted that this implementation represents the world’s first national-level real-name decentralized identity

BSN China, operated by China’s National Information Center in collaboration with Chinese tech giants China Mobile and China UnionPay, oversees domestic operations, while BSN Global manages international operations as a separate entity with its own security measures.

US Proposes Bill to Prohibit Use of China-Made Blockchains

Last month, US lawmakers introduced a bill barring federal government officials from doing business with China-based blockchain firms.

The bill also explicitly blocks U.S. government officials from transacting with iFinex, the parent company of Tether, the issuer of the world’s largest stablecoin, USDT.

The bill is intended to mitigate potential national security risks and safeguard private data from foreign adversaries.

However, in a notable development, the US has removed China’s Institute of Forensic Science, a body under the Ministry of Public Security, from its trade sanctions list

The decision was made to promote counternarcotics cooperation, particularly in combating the trafficking of fentanyl and related chemicals into the United States, despite ongoing concerns regarding China’s human rights practices.

Subsequently, China issued a circular warning its chemical manufacturers against producing fentanyl precursors

The National Narcotics Control Commission emphasized that individuals involved in the production of these chemicals would be at risk of facing the “long-arm jurisdiction” of foreign law enforcement agencies.

Chinese Firms Push into Web3 Despite Country’s Ban on Crypto

Tencent and Huawei, two major Chinese tech giants, are making notable strides in the Web3 space despite the country’s stringent regulations on cryptocurrency trading.

As reported, at the Staking Summit in Istanbul, a two-day conference featuring top minds in proof-of-stake (PoS) protocols, Tencent and Huawei exhibited their booths alongside industry professionals.

Over the past year, Chinese tech giants like Alibaba, Tencent, and Huawei have been increasingly visible in ious crypto events worldwide, either as official sponsors or discreet attendees

Although their participation lies at the intersection of Web2 and web3 due to China’s cryptocurrency ban, these companies are leveraging their computing resources to cater to web3 startups, similar to how they provide cloud services to established tech verticals.