China’s’ social credit system is now been powered by blockchain technology so all the data sharing of social credit-scored across provinces is possible thanks to the Remin Chain. Let’s find out more in the Blockchain news today.
Remin Chain is a permissioned blockchain product from Hangzhou’s Hyperchain Technology. Now, China’s Social credit system is getting an upgrade thanks to this amazing technology. The system is now siloed along the provincial borders which means the data will not be transferred when someone moves from province-to-province.
The monitoring arm of china’s Social credit system is now getting an upgrade with blockchain technology that will allow it to share the data across platforms and provinces using blockchain technology. According to a report from the state-run media, Remin Chain will be integrated into the People’s Daily Online Public Opinion Monitoring Center as the government apparatus responsible for monitoring and analyzing every comment made by the 900 million citizens. The center is run by the People’s Daily arm of the Communist Party.
China’s social credit system is complicated. On one hand, it looks like the “Big Brother” model. On the other hand, is attaches a real ID to everyone’s online handle so that social media users with a history of “problematic” behavior can be identified and then dealt with. There hasn’t been a social credit scoring system yet that ties online comments to the credit-bureau which dictates the ability of people to access real financial credit. The system is now run at the provincial level on separate platforms that are created by different tech companies. The provinces track everything from payment history, parking tickets, and local infractions along with other online comments which are a way of generating scores.
Remin China’s Super ID system will curb this as the platform proposes to break down the silos and provide a national system for tracking social credit. The company proposes to use the data to enhance the ability of small and medium-sized enterprises which are ignored by lenders in order to create trust and access credit at a lower rate. Enterprise software researchers believe that by using the blockchain technology to build bridges across data silos will unlock more value and increase the data quality overall. However. Blockchain was also effective for the communist party to increase the efficiency of its surveillance power.
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