China has recently unveiled its plans to harness the power of blockchain technology in order to verify the real-name identities of its massive population of 1.4 billion individuals. This groundbreaking announcement was made by the Blockchain-based Service Network (BSN), which is China’s national-level blockchain initiative.
The RealDID Initiative
The RealDID initiative, spearheaded by China’s Ministry of Public Security in partnership with BSN, aims to revolutionize identity verification processes. With the launch of the RealDID service, users will have the ability to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. This innovative approach ensures that personal information remains separate from business data and transactions.
“The RealDID implementation represents the world’s first national-level real-name decentralized identity system,” highlighted BSN.
Implications for Social Media Platforms
Furthermore, in October, Chinese state media reported that the country’s top six social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, would require content creators with over 500,000 or 1 million followers to publicly display their real names or the names of their financial backers.
This move by China solidifies its commitment to enhance transparency and accountability in the online realm, particularly on popular social media platforms.
BSN China, which is operated by China’s National Information Center in collaboration with Chinese tech giants China Mobile and China UnionPay, oversees domestic operations, while BSN Global manages international operations as a separate entity with its own robust security measures.
It is worth noting that last month, US lawmakers introduced a bill that prohibits federal government officials from engaging in business transactions with China-based blockchain firms. The bill also explicitly restricts US government officials from transacting with iFinex, the parent company of Tether, the issuer of the world’s largest stablecoin, USDT.
“This bill is aimed at mitigating potential national security risks and safeguarding private data from foreign adversaries,” stated the lawmakers.
However, in an interesting turn of events, the US has removed China’s Institute of Forensic Science, a body under the Ministry of Public Security, from its trade sanctions list. This decision was made to enhance counternarcotics cooperation, particularly in combating the trafficking of fentanyl and related chemicals into the United States, despite ongoing concerns about China’s human rights practices.
In light of this, China released a circular warning its chemical manufacturers against producing fentanyl precursors. The National Narcotics Control Commission emphasized that individuals involved in the production of these chemicals would face the risk of being subjected to the “long-arm jurisdiction” of foreign law enforcement agencies.
Despite China’s stringent regulations on cryptocurrency trading, major Chinese tech giants Tencent and Huawei are making notable strides in the Web3 space. These companies were seen showcasing their booths alongside industry professionals at the Staking Summit in Istanbul, a two-day conference featuring top minds in proof-of-stake (PoS) protocols.
Over the past year, Chinese tech giants like Alibaba, Tencent, and Huawei have increasingly participated in various crypto events worldwide, either as official sponsors or discreet attendees. Although their involvement lies at the intersection of Web2 and web3 due to China’s cryptocurrency ban, these companies leverage their vast computing resources to support web3 startups, similar to how they provide cloud services to established tech verticals.
