China’s Blockbuster Plan Verifying Identities of 1.4 Billion Residents with Blockchain-Powered Platform!

Blockchain-Based Platform to Verify Identities of China's 1.4 Billion Residents in Ambitious Government Plan

China’s got a plan, folks. They’re bringing out the big guns – blockchain technology – to verify the real-name identities of their massive population of 1.4 billion people. I mean, that’s like trying to organize a game of hide-and-seek with the entire country of China. Good luck with that!

The Blockchain-based Service Network (BSN), China’s national-level blockchain initiative, is leading the charge on this one. They’ve teamed up with the Ministry of Public Security to launch a project called RealDID. It’s like a secret agent’s dream come true. With RealDID, users can register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. It’s like having a disguise for your online persona, protecting your personal information from prying eyes.

But wait, there’s more! In October, the Chinese government decided to turn up the heat on social media platforms. They’re now making content creators with over 500,000 or 1 million followers reveal their real names or the names of their financial backers. It’s like unmasking the superheroes of the internet. No more hiding in the shadows, my friends. Big Brother is watching.

BSN is proud to announce that they’ve created the world’s first national-level real-name decentralized identity system. It’s a game-changer, people. BSN China, run by China’s National Information Center, is handling things domestically. But BSN Global is taking care of international operations with its own security measures. It’s like having an international team of secret agents, keeping our identities safe across borders.

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Now, let’s switch gears and head over to the good ol’ US of A. They’ve got their own plans in the works, my friends. Lawmakers have proposed a bill that would ban federal government officials from doing any business with China-based blockchain firms. Talk about breaking up the party. They even threw in a little jab at iFinex, the parent company of Tether, the issuer of the world’s largest stablecoin, USDT. It’s like the US government saying, “Sorry, no souvenirs from China for us.”

But here’s a plot twist for you. The US decided to remove China’s Institute of Forensic Science, a body under the Ministry of Public Security, from their trade sanctions list. Why? Well, they want to be buddies in the fight against fentanyl and its nasty friends. The US needs China’s help to combat the trafficking of these dangerous substances. It’s like the US and China teaming up to take down a common enemy. Who would’ve thought?

And speaking of China, their tech giants Tencent and Huawei are making waves in the Web3 space, despite China’s ban on crypto. It’s like they’re sneaking into the party through the back door. At the Staking Summit in Istanbul, these two powerhouses showed off their booths, surrounded by top minds in proof-of-stake (PoS) protocols. They’re like the rebels of the industry, defying the rules and pushing the boundaries.

Alibaba, Tencent, Huawei – these giants are no strangers to the crypto scene. They’ve been showing up at crypto events worldwide, flaunting their computing resources and getting involved in web3 startups. It’s like they’re the secret allies of the crypto world, providing their services behind the scenes.

So, folks, it looks like China is betting big on blockchain and digital identities. With their RealDID system, they’re like the spies of the internet, protecting our personal information from prying eyes. And while the US is trying to keep China at arm’s length, they’re also finding common ground to fight against a shared enemy. Meanwhile, Tencent and Huawei are defying regulations and making their mark in the web3 space. It’s an exciting time, my friends, with twists and turns at every corner. Stay tuned for more blockchain adventures!

What do you think about China’s blockchain plans? Are you excited to see Tencent and Huawei making moves in the web3 space? Let me know in the comments below!

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