Good day everyone,

I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be exploring the recent news from China in which they are developing plans to make use of Blockchain for the purpose of verifying the identify of all of its 1.4 Billion residents.

Blockchain-Based Service Network - BSN

Plans have been unveiled in China from the Blockchain-based Service Network (BSN), China’s national-level blockchain initiative, which states they are moving towards the use of blockchain technology for the verification of real-name identities. They plan on making use of this for all of their 1.4 billion population. The initiative will be known as RealDID and has been spearheaded by China’s Ministry of Public Security in collaboration with BSN. 

The launch of the service will revolutionize user authentication as it allows users to both register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. In doing so they will be keeping their personal information away from their business data and transactions. This is a move which is supposed to reduce concerns about privacy and security in identity verification, but which will likely cause concern among data-privacy advocates.

Back in October Chinese state media reported that the country’s top six social media platforms would be required to vet content creators with over 500,000 or 1 million followers through making them display their real names or the names of their financial backers. This would include the popular sites WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu. The move would aim at enhancing credibility and enabling greater public supervision over online content, and would vastly benefit from the implementation of RealDID.

BSN went on to highlight that this move would be the world’s first national-level real-name decentralized identity system. In collaboration with both Chinese tech giants China Mobile and China UnionPay, BSN will be operated by China’s National Information Centre and oversee its domestic operations. BSN Global will manage its international operations as a separate, firewalled entity, with its own security measures.

The recent bipartisan U.S. bill introduced in November to bar federal government officials from doing business with China-based blockchain firms, along with blocking U.S. government officials from transacting with USDT issuer iFinex, could be seen as a mitigating way to avoid this sort of use of blockchain technology from the United States. The bill is intended to mitigate potential national security risks and safeguard private data from foreign adversaries, but there has been a notable development.

The U.S. has removed China’s Institute of Forensic Science, a body under the Ministry of Public Security, from its trade sanctions list. This happened as part of a counternarcotics cooperation despite concerns over China's human rights practices and an aim to combat the trafficking of fentanyl and related chemicals into the U.S. Since then China has issued a circular warning its chemical manufacturers against producing fentanyl precursors. 

China's National Narcotics Control Commission went on to point out that individuals involved in the production of these opioids would be at risk of facing the “long-arm jurisdiction” of foreign law enforcement agencies.

While this move may seen unnecessary to some, it also marks a significant milestone in the global blockchain landscape. Navigating the recent U.S. bill to restrict federal government officials from transacting with China-based blockchain firms may become an issue down the line, but for now China is powering ahead with its use of blockchain technology.

Have a great day.

Peace. CryptoGod-1.

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