The People’s Liberation Army’s (PLA) media outlet is calling for crypto rewards for its soldiers to have better performance; this is another example of the Chinese revolutionizing the view of crypto. So let’s find out more in the cryptocurrency news today.
Some kind of crypto could be used as a rewarding performance assessment by the PLA suggested a new article in the army medium PLA Today, measuring how soldiers progressed in military training, how well they completed the tasks and other criteria.
The article suggests that that kind of system could “award or deduct tokens according to one’s daily performance and thus generate an objective assessment would effectively energize human resource management.”
Also, there were other propositions for the military use of blockchain technology to improve data security and logistics. One proposition suggested storing classified military data on a blockchain-based embedded system that will result in a higher level of encryption and security. The consequence of this will be constraining access to data kept on the said system to read-only, resulting in the possibility to distribute and view, but not copy or manipulate the material.
It is implied that the use of blockchain technology would result in improved accuracy and efficiency of tracking soldiers’ progress in training. The document further explained an example of the electronic shooting range that is able to detect once a target was hit and to generate a blockchain record for the trainee. This will increase the authentic of the training results and will also provide a technological guarantee to ‘’clean and open training and examination.’’
The publication of Libra’s whitepaper in June wreaked havoc in the People’s Bank of China (PBC), making them to drastically speed up the development of its planned central bank digital currency. But it was the declaration of the critical importance of blockchain by the President of the People’s Republic of China Xi Jinping that has caused a complete turning of the Chinese stance on the technology and crypto. Xi explained:
“The integrated application of blockchain plays a critical role in technology innovations and industrial revolutions. Blockchain should be made an essential way and main direction to drive China-led technology innovation. We must increase investments in the blockchain sector, resolve critical technical problems, and accelerate the development of blockchain and industrial innovation.”
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