China’s launch of RealDID was announced on Dec. 12, a new digital identity service by the Blockchain Service Network (BSN) aimed at providing a “front-end anonymity and back-end real-name” digital identity network.

The launch was announced in Beijing as a step toward a holistic digital identity, resulting from a collaboration between the National Information Center, the Ministry of Public Security, China Mobile Communications Group, Beijing Zhongdun Anxin Technology Development, and the BSN Development Alliance.

RealDID is reportedly a fusion of BSN’s blockchain service network and the CTID digital identity chain, aiming to cater to the needs of a digital economy while maintaining a balance between anonymity and real-name verification. BSN stated,

“The launch of BSN real-name DID service gives users control over the use of personal digital identity and personal information.

As reported by BSN, the service utilizes the CTID chain to generate distributed digital identities with real-name attributes. This development is positioned to address the need for a robust personal privacy data protection mechanism in the digital era, where personal data like identity, location, and communication information are increasingly stored online.

The RealDID service is said to offer a range of applications, including real-name confirmation, data encryption flow, privacy protection login, custom business DID, and identity certificate services.

Each of these applications reportedly serves a unique purpose. The real-name confirmation service ensures the authenticity of personal data generated online. The encryption flow service binds personal identity to data, enabling secure, encrypted cross-platform transmission. The privacy protection login service allows for anonymous system registration and login, balancing user anonymity with the requirements of real-name management.

Furthermore, the custom business DID service is claimed to offer individual users business identities, adding a layer of flexibility and privacy to online interactions. The personal identity certificate service, issued by the CTID digital identity chain, provides a distributed authentication capability, facilitating business interactions in various scenarios.

Lastly, the personal identity information authentication service supports selective disclosure and authorization of personal data, enhancing user control and privacy. Specifically, BSN said,

“Users can choose to disclose different personal information to different business platforms, so that business platforms only need to obtain necessary and minimized information, which greatly enhances the ability to protect personal privacy and data security.”

The launch of RealDID signifies a pivotal expansion in digital identity management and services in China. It aims to empower users to control their digital identity and personal information and ensure that businesses access only the necessary information, thus bolstering personal privacy and data security.

This service is particularly relevant for web3 advancement, where distributed applications and multi-party collaborations are becoming increasingly prevalent. BSN stated that integrating blockchain and digital identity infrastructures is crucial in supporting the digital economy and the circulation of national data elements. As the platform evolves, it is expected to foster more application scenarios and enhance the potential and value of the BSN real-name DID services.

The news comes on the back of Senator Warren in the U.S. introducing a bill where all blockchain providers would be required to complete traditional KYC and AML procedures requiring web3 companies to “collect the name and physical address of each counterparty to the transaction.”

The post China to launch national privacy-focused digital identity chain RealDID appeared first on CryptoSlate.

China’s launch of RealDID was announced on Dec. 12, a new digital identity service by the Blockchain Service Network (BSN) aimed at providing a “front-end anonymity and back-end real-name” digital identity network.

The launch was announced in Beijing as a step toward a holistic digital identity, resulting from a collaboration between the National Information Center, the Ministry of Public Security, China Mobile Communications Group, Beijing Zhongdun Anxin Technology Development, and the BSN Development Alliance.

RealDID is reportedly a fusion of BSN’s blockchain service network and the CTID digital identity chain, aiming to cater to the needs of a digital economy while maintaining a balance between anonymity and real-name verification. BSN stated,

“The launch of BSN real-name DID service gives users control over the use of personal digital identity and personal information.

As reported by BSN, the service utilizes the CTID chain to generate distributed digital identities with real-name attributes. This development is positioned to address the need for a robust personal privacy data protection mechanism in the digital era, where personal data like identity, location, and communication information are increasingly stored online.

The RealDID service is said to offer a range of applications, including real-name confirmation, data encryption flow, privacy protection login, custom business DID, and identity certificate services.

Each of these applications reportedly serves a unique purpose. The real-name confirmation service ensures the authenticity of personal data generated online. The encryption flow service binds personal identity to data, enabling secure, encrypted cross-platform transmission. The privacy protection login service allows for anonymous system registration and login, balancing user anonymity with the requirements of real-name management.

Furthermore, the custom business DID service is claimed to offer individual users business identities, adding a layer of flexibility and privacy to online interactions. The personal identity certificate service, issued by the CTID digital identity chain, provides a distributed authentication capability, facilitating business interactions in various scenarios.

Lastly, the personal identity information authentication service supports selective disclosure and authorization of personal data, enhancing user control and privacy. Specifically, BSN said,

“Users can choose to disclose different personal information to different business platforms, so that business platforms only need to obtain necessary and minimized information, which greatly enhances the ability to protect personal privacy and data security.”

The launch of RealDID signifies a pivotal expansion in digital identity management and services in China. It aims to empower users to control their digital identity and personal information and ensure that businesses access only the necessary information, thus bolstering personal privacy and data security.

This service is particularly relevant for web3 advancement, where distributed applications and multi-party collaborations are becoming increasingly prevalent. BSN stated that integrating blockchain and digital identity infrastructures is crucial in supporting the digital economy and the circulation of national data elements. As the platform evolves, it is expected to foster more application scenarios and enhance the potential and value of the BSN real-name DID services.

The news comes on the back of Senator Warren in the U.S. introducing a bill where all blockchain providers would be required to complete traditional KYC and AML procedures requiring web3 companies to “collect the name and physical address of each counterparty to the transaction.”

The post China to launch national privacy-focused digital identity chain RealDID appeared first on CryptoSlate.