Photo: Ms. Li/Shutterstock
China is about to launch a digital identity verification service using crypto technology. The country with 1.4 billion inhabitants is working with the Blockchain Service Network (BSN) on the platform called “RealDID”.
The DID service with real name is designed to strengthen the protection of personal data such as identity and location in the digital age. BSN promises that users of the identification service will have more control over their personal digital identity.
With this platform, the blockchain company aims to meet the needs of the digital economy and emphasizes that anonymity is the focus. However, privacy law advocates are raising concerns about the data collection of this new digital identity verification system.
Deloitte will use the Polkadot network in a new major step
Anonymity and data protection in the digital age
The platform is seen as a merger of the BSN and CTID or Concise Transaction Identifier blockchain service network. The BSN service uses CTID to create distributed digital identities.
According to BSN, this allows users to log in to websites anonymously using DID addresses and private keys. This protects personal data in a digital age where we store more and more information online.
China requires a public identity on social media
According to Chinese state media, the six largest social media platforms will force their users to reveal their real names in public. According to state media, this is to increase credibility and facilitate public scrutiny of these platforms.
BSN claims that RealDID is the world’s first national decentralized identity system. The company, managed by the Chinese National Information Center, is working on further developments with major Chinese corporations such as China Mobile and China UnionPay
The Bitcoin exchange is under scrutiny by the SEC and the asset manager
Support for stricter blockchain and crypto regulations in the US
In the United States, Senator Warren is gaining support for her 2022 bill that would require blockchain and Web3 companies to record the name and physical address of each counterparty in a transaction.
The proposal also requires blockchain providers to adopt traditional identification and anti-money laundering procedures. The bill aims to combat illegal activities more effectively by exerting more control over digital transactions.
Post views: 338