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Blockchain News

China Launches Blockchain-Based ID Verification Platform

The goal is to keep business-related data and transactions separate from personal information, providing a level of anonymity for users.

Written By Dishita Malvania
Published 2023-12-12·Updated 3 years ago
Make The Crypto Times preferred on GoogleGoogle
China Launches Blockchain-Based ID Verification Platform

China plans to use blockchain technology to confirm the identities of its 1.4 billion citizens, as announced by the Blockchain-based Service Network (BSN), the country’s national blockchain initiative. 

The RealDID initiative, led by China’s Ministry of Public Security in collaboration with BSN, aims to employ blockchain for identity verification. 

The introduction of the RealDID service allows users to sign up and access websites without revealing their identity. This is made possible by using decentralized identifiers (DID addresses) and private keys. 

China has implemented a new rule for content creators on its major social media platforms, such as WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu. 

If these creators have over 500,000 or 1 million followers, they are now required to publicly disclose either their real names or the names of those who financially support them.

The real-name disclosure is facilitated through BSN (Blockchain-based Service Network) China, which is operated by China’s National Information Center in collaboration with tech giants China Mobile and China UnionPay. 

It is claimed to be the world’s first national-level real-name decentralized identity system. BSN Global manages international operations independently and is considered a separate entity with its own security measures.

Also Read: China Recognizes Digital Collections as Virtual Property in Anti-Theft Stance

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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