WEB3
by BSCN
December 12, 2023
Notably, Chinese tech giants Tencent and Huawei, despite stringent regulations on cryptocurrency trading in China, have showcased their presence in the Web3 space at international conferences.
China's national-level blockchain initiative, the Blockchain-based Service Network (BSN), has announced plans to utilize blockchain technology for the verification of the real-name identities of its 1.4 billion citizens.
According to the Dec. 12 report from the Business Insider, China's Ministry of Public Security is leading the initiative, known as RealDID, to introduce the first national-level decentralized identity system.
The RealDID service launch will revolutionize user authentication by enabling individuals to register and log in to websites anonymously using Decentralized Identity (DID) addresses and private keys. This innovative approach ensures that business data and transactions remain detached from personal information, addressing concerns about privacy and security in identity verification.
China's top six social media platforms, including heavyweights such as WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, have recently mandated content creators with significant followings to disclose their real names or the names of their financial backers.
This move, aimed at enhancing credibility and enabling greater public supervision over online content, is expected to benefit from the implementation of RealDID.
BSN China, operated by China’s National Information Center in collaboration with tech giants China Mobile and China UnionPay, manages domestic operations. Simultaneously, BSN Global operates as a separate entity overseeing international operations, complete with its own security measures.
The implementation of RealDID represents the world’s first national-level real-name decentralized identity system, marking a significant milestone in the global blockchain landscape.
While US lawmakers recently introduced a bill to restrict federal government officials from transacting with China-based blockchain firms, China's Institute of Forensic Science, under the Ministry of Public Security, has been removed from the US trade sanctions list.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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