China is set to utilize blockchain technology for the verification of real-name identities for its massive population of 1.4 billion. The Blockchain-based Service Network (BSN), a national-level initiative, announced the RealDID project in collaboration with China’s Ministry of Public Security. RealDID allows users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys, ensuring the separation of personal information from business data and transactions.
BSN emphasizes that RealDID represents the world’s first national-level real-name decentralized identity system. The initiative is managed domestically by BSN China, operated by the National Information Center in collaboration with China Mobile and China UnionPay. BSN Global oversees international operations as a separate entity with its own security measures.
In a related context, last month, U.S. lawmakers proposed a bill prohibiting federal government officials from engaging with China-based blockchain firms. The bill aims to mitigate national security risks and protect private data from foreign adversaries, explicitly blocking transactions with iFinex, the parent company of Tether. Despite concerns about China’s human rights practices, the U.S. removed China’s Institute of Forensic Science from its trade sanctions list to enhance counternarcotics cooperation.
Chinese tech giants Tencent and Huawei are making strides in the Web3 space, showcasing their presence at the Staking Summit in Istanbul. Despite China’s strict regulations on cryptocurrency trading, these companies leverage their computing resources to support web3 startups, resembling their role in providing cloud services to established tech verticals.
This move signifies China’s commitment to blockchain technology in identity verification, despite ongoing global scrutiny and trade tensions.