China’s RealDID: A New Blockchain Revolution in Identity Verification
China’s Bold Move Towards Decentralised Identity
China, home to a staggering 1.4 billion citizens, is embarking on a groundbreaking journey into blockchain technology. In a monumental development, the Blockchain-based Service Network (BSN), China’s national blockchain initiative, has unveiled its ambitious plan to employ blockchain technology to verify real-name identities. This paradigm-shifting initiative, known as RealDID, is set to reshape the landscape of online identity verification.
The RealDID Revolution
RealDID, a brainchild of China’s Ministry of Public Security in collaboration with BSN, is poised to revolutionise how individuals register and log in to websites. By harnessing decentralised identity (DID) addresses and private keys, RealDID ensures that personal information remains distinct and impervious to the prying eyes of businesses and transactions. It promises a more secure and privacy-conscious online experience for the masses.
Social Media and Real-Name Disclosure
In a bid to enhance credibility and enable public supervision, China’s top six social media platforms, including the ubiquitous WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, mandated content creators with substantial followings to publicly disclose their real names or the identities of their financial backers. This significant move underscores the Chinese government’s commitment to transparency and accountability within its digital ecosystem.
BSN’s World-Leading Initiative
BSN proudly touts RealDID as the world’s inaugural national-level real-name decentralised identity system. This pioneering effort is a testament to China’s commitment to staying at the forefront of technological innovation. BSN China, overseen by China’s National Information Center and powered by the collaborative efforts of tech giants China Mobile and China UnionPay, is at the helm of domestic operations. Meanwhile, BSN Global operates independently, fortified with its security measures.
U.S. Contemplates Stringent Measures
Across the Pacific, the United States is also making waves in blockchain technology. Lawmakers in the U.S. are currently considering a bipartisan bill that would forbid federal government officials from engaging with China-based blockchain firms. The proposed legislation would also prevent U.S. government officials from conducting transactions with iFinex, the parent company of Tether, the issuer of the world’s largest stablecoin, USDT. The primary motivation behind this bill is to mitigate potential national security risks and safeguard private data from foreign adversaries.
A Surprising Twist in US-China Relations
In a surprising twist, the United States recently removed China’s Institute of Forensic Science, an entity under the Ministry of Public Security, from its trade sanctions list. This decision aims to promote counternarcotics cooperation, particularly in combating the trafficking of fentanyl and related chemicals into the United States. It is worth noting that this move transpired despite lingering concerns regarding China’s human rights practices.
In a separate yet equally significant development, Chinese tech giants Tencent and Huawei are surging ahead in the Web3 space, defying the country’s stringent regulations on cryptocurrency trading. These behemoths actively participate in crypto events worldwide as official sponsors or discreet attendees. Although their activities straddle the line between Web2 and Web3 due to China’s cryptocurrency ban, they are leveraging their vast computing resources to support Web3 startups, mirroring their provision of cloud services to established tech verticals.
In conclusion, China’s foray into blockchain-based identity verification with RealDID and the evolving landscape of US-China relations in the blockchain sphere demonstrate the dynamic nature of technological advancements and their global implications. As both nations navigate this digital frontier, the world watches with bated breath, eager to witness the future of technology, privacy, and international cooperation unfold.
