China Plans Blockchain-Based Identity Verification Platform - Latest cryptocurrency news

China Plans Blockchain-Based Identity Verification Platform

Blockchain technology continues to integrate into our daily lives, and the Ministry of Public Security of China has announced plans to launch a new blockchain-based platform called RealDID for verifying citizen identities. Detailed information about this was provided at an event organized by the Blockchain Service Network (BSN).

According to BSN, the project, which is jointly planned with the Chinese government, will have multiple applications including real-name verification of personal data, encrypted protection and certification of personal data, special authorizations, work identities, personal identity certificate services, and personal identity information.

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The application will allow Chinese citizens to anonymously register and log in to online portals using their DID addresses, which will keep transactions and data confidential between individuals and businesses.

No official announcement has been made as to when the application will be implemented to cover a population of 1.4 billion, but it has been stated that this application has significant potential in protecting personal privacy. BSN is operated by China’s National Information Center and continues to work with major Chinese technology companies, including China Mobile and China UnionPay.

In late October, it was reported that six Chinese social media platforms, including the popular WeChat, were required to disclose the real names of content creators and the financial support they received 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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