Will China Adopt Blockchain for its Social Credit System?

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They said blockchain would bring freedom by challenging world governments and greedy financial institutions. But what if blockchain is the ideal tool to enable totalitarianism? What if China Moves its Social Credit System to Blockchain? A few weeks ago, Chinese President Xi Jinping surprised the world by calling blockchain an important breakthrough, and announcing extra funding for the technology. Shortly after Xi’s endorsement speech, China announced that it planned to create a sovereign digital currency, while the official voice of the army suggested various blockchain use cases in the military space. In other words, China seems to be keen on adopting the distributed ledger technology (DLT) across all levels. However, the chances are that blockchain will also reach the so-called social credit system sooner than later. The system represents a nationwide scheme that tracks citizens’ behavior, scores them, and gives out rewards and punishments depending on their rating. The system,…

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