China proposes blockchain-powered identity verification

8 views 7:05 am 0 Comments December 19, 2023

The Chinese Ministry of Public Security is set to launch RealDID, a blockchain-based platform aiming to authenticate the real-name identities of citizens. 

Developed in collaboration with the Chinese government, the project spans diverse applications, encompassing 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 diverse range of applications 

Highlighted during a press release for a Dec. 12 event hosted by the Blockchain Service Network (BSN), a Chinese blockchain company, brought together experts in the field of distributed technology to focus on the development direction and application scenarios of the digital identity authentication system to promote multi-agency business collaboration and data circulation on the chain.

Along with it came the announcement that soon, Chinese citizens will be able to register and access online portals anonymously through decentralized identity (DID) addresses using the application, ensuring the privacy of transactions and data exchanges between individuals and businesses. 

A rollout date for these services was not disclosed in the release.

Technological developments

China has continued to produce reports of its advancing initiatives and regulations in emerging technologies, particularly in developing central bank digital currencies (CBDCs). Zhou Xiaochuan, the former governor of the People’s Bank of China, stated that the country is nearing the conclusion of its multi-year digital yuan pilot, emphasizing that the final stage is not far away. 

According to a report from the South China Morning Post, Xiaochuan highlighted in a conference speech in Hong Kong that China has already achieved digitalization in up to 90% of retail payments.

Follow Us on Google News