Blockchain Technology to Integrate Further into Our Lives: A Glimpse into China's Future Financial Markets - Latest cryptocurrency news

Blockchain Technology to Integrate Further into Our Lives: A Glimpse into China’s Future Financial Markets

Blockchain technology is becoming increasingly integrated into our lives, and significant strides are being made in this field. The Chinese Ministry of Public Security announced the implementation of a new blockchain-based platform called RealDID to verify citizens’ identities. Detailed information about this was provided at an event organized by the Blockchain-Based Service Network (BSN) on December 12.

According to BSN, the project planned in conjunction with the Chinese government will have multiple uses and offers significant clues about future processes. These steps include real-name verification containing personal data, encryption and certification of personal data, special authorities, business identities, personal identity certificate services, and information related to personal identity.

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The application will allow Chinese citizens to anonymously register and log in to online portals using DID addresses, thus ensuring that transactions and data remain confidential between individuals and businesses.

No official announcement has been made as to when the application will be implemented among China’s population of 1.4 billion, but it has been mentioned that this application has great potential in ensuring personal privacy. BSN is operated by the National Information Center of China and continues to work in collaboration with major China-based technology companies, including China Mobile and China UnionPay.

This step was taken following the news that six Chinese social media platforms, including the popular WeChat, launched an application at the end of October that requires content creators with 500,000 to 1 million followers to disclose their real names and any financial support to the public.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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