Chinese Government Announces Blockchain-Based Identity Verification System

China has announced the plan of transition to a blockchain-based identity verification system. However, no specific announcement has been made yet regarding the date and details.

China is planning to revolutionize the identity verification processes of its citizens with a new blockchain-based platform. This initiative will be carried out through a platform called RealDID, managed by the Blockchain-Based Service Network (BSN).

Developed under the leadership of the Ministry of Public Security of China, RealDID, according to the Chinese national media, will enable users to anonymously register and log in to websites using their DID addresses and private keys. The Ministry claims that this system will address privacy and security concerns by disconnecting business data and transactions from personal information. It’s also stated that personal privacy will be ‘greatly’ ensured.

Recently, China has been accelerating its efforts, particularly in the development of artificial intelligence, central bank digital currencies (CBDCs), and cryptocurrencies. Working on new regulations and innovations in this field, China has also announced that it has started efforts to increase its independence in semiconductor chip production.

Source: Cointelegraph

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