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Published December 12, 20232 min read

Government's Use of Blockchain Technology: Issue or a New Stage of Development?

CoinMooner Team

In a recent news article, the Coinmooner team has gathered up-to-date information on the implementation of a new blockchain-related technology in China. Known for their cautious approach to the crypto sphere, Chinese authorities often impose regulations and even bans within their country. China has been one of the strictest countries regarding cryptocurrencies, with virtually all forms of private digital assets banned for use. However, experts believe that users have successfully circumvented these restrictions by using various tools, such as VPNs.

An intriguing innovation is unfolding in China: the introduction of RealDID, a new digital identification service by the Blockchain Service Network (BSN). This initiative is backed by the Ministry of Public Security and the National Information Center, with the participation of China Mobile Communications Group, Beijing Zhongdun Anxin Technology Development, and the BSN Development Alliance.

Despite the stringent cryptocurrency regulations in China, major companies like Tencent and Huawei are actively making a mark in the world of Web3 at international conferences. For many, this serves as evidence that China is closely monitoring the development of blockchain technologies.

China's national blockchain initiative, BSN, goes beyond expectations by announcing plans to use blockchain for verifying the real identities of its 1.4 billion citizens. RealDID, a project under the Ministry of Public Security, aims to implement the world's first national decentralized identification system.

The innovative aspect of this story lies in the unique combination of the BSN blockchain with the digital credentials of China Mobile Communications Group. This platform not only verifies identity but also provides data encryption, privacy during login, offers individual business-DID, and identity certification services. RealDID is pioneering a decentralized national identification system for the first time in the world, ushering in a new era in technology and security.

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The implementation of the technology planned by the Chinese authorities elicits mixed reactions among users. On one hand, it aims to enhance online security by providing a reliable and transparent mechanism for managing personal information, thereby reducing the risk of fraud and unauthorized access, similar to what happened with KyberSwap.

On the other hand, such measures amplify the potential for government control over citizens and the analysis of their online activities. Users tend to view this technology not as a decentralized tool but rather as a modernized model facilitating stricter control over the country's residents. This raises concerns about potential misuse of the system, as most users feel that surrendering their data becomes inevitable.

This technology can also serve as effective control over well-known individuals and companies that often manipulate substantial assets beyond the bounds of legal activities. As an example, Binance, which has come under the scrutiny of U.S. authorities, and prominent figures like Changpeng Zhao and Cristiano Ronaldo, who have violated laws and abused their powers.

It's important to be aware that China's population is approximately 1.412 billion people, and the implementation of such technologies will impact not only China itself but also numerous countries and crypto companies closely collaborating with the country and its authorities.

The Coinmooner team will closely monitor developments and keep its readers informed of any changes related to this situation. Additionally, we strongly recommend obtaining information only from reliable sources, conducting personal analysis, and always securing your data in the Web3 sphere!

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