Crypto Giggle
It will be harder to keep your identity secret (not easy, but it has been difficult so far). But at the same moment, it will also become easier. It’s not something you would choose if given the choice.
RealDID, a blockchain-based national system to verify citizens’ identities, is set to be launched by the People’s Republic of China in a world-first initiative. Project RealDID, led by the Ministry of Public Security and developed by Blockchain-based Service Network, a company that provides blockchain infrastructure to state clients as well as commercial ones, is a first of its kind.
Where’s the easier part of this?
RealDID allows users to register and log in to websites and apps using decentralized identifiers and private keys, without divulging any personal information. This approach helps to keep personal information and business data separate.
The RealDID state-run system will “secure” the user’s real name. If you want to sign up for a service that you would like to keep a secret, your anonymity is limited.
This announcement comes after a change to regulations that requires top influencers reveal their identity. Since October 2018, the largest Chinese social media sites, such as WeChat and Sina Weibo have required online celebrities with more than 500,000 followers or one million to reveal their identities.
Hong Kong will launch the BSN in 2020. This network is the backbone of large projects, whether state-backed or private. It currently supports DLT infrastructures for more than 1,500 firms, including some foreign companies like Fujifilm. Western firms are also not afraid to leverage China’s Blockchain architecture. HSBC UK, a banking giant in the UK, is evaluating the BSN’s potential for their payments system.
The BSN Spartan Network launched its beta last year. Public permissioned networks support popular blockchains such as Ethereum and Polygon Edge but do not include cryptocurrencies. Large corporations like Emperor Group Lan Kwai Fong Group and HSBC run the validator nodes.
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