The Crypto Roundup: 12 December 2023 | CryptoCompare.com

China's Blockchain-based Service Network (BSN), the country’s national blockchain initiative, has announced the use of blockchain technology for verifying the real-name identities of its 1.4 billion citizens.

This initiative, led by the Ministry of Public Security and named RealDID, raises concerns among data-privacy advocates. RealDID allows users to register and log into websites anonymously using decentralized identity (DID) addresses and private keys, keeping business data and transactions separate from personal information.

In a related move, China's top six social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, now require high-profile content creators – those with 500,000,1 million followers or more - to disclose their real names or those of their financial backers. The policy aims to increase credibility and allow for public supervision.

BSN, which is run by China's National Information Center in partnership with China Mobile and China UnionPay, claims RealDID to be the world's first national-level, real-name decentralized identity system.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/12/