China to Introduce Blockchain-Based Identity Verification
by Fintech News Hong Kong December 13, 2023China is advancing its use of blockchain technology for identity verification, targeting its vast population of 1.4 billion, according to an announcement at a Beijing conference held yesterday.
The initiative, known as the Real-Name DID (RealDID) service, is a joint venture between the Ministry of Public Security of China and the national-level Blockchain-based Service Network (BSN).
RealDID is engineered to offer a spectrum of services, including verification of personal real names, protection of personal data through encryption, secure private logins, business identity checks, and personal identification certificate services.
It empowers Chinese citizens to register and log into online platforms using DID addresses, thereby maintaining privacy in their digital exchanges.
A distinctive aspect of the blockchain-based identity verification is its capability to enable citizens in China to access online services anonymously. This approach aims to preserve the privacy of interactions between individuals and businesses.
This move aligns with recent changes in China’s digital domain, particularly the mandate for content creators on major social media platforms like WeChat. These creators must publicly reveal their real names and financial backers, especially those with significant followings.
Featured image credit: Edited from Freepik
