Several major Chinese companies have come together to drive innovation through blockchain, 17 Chinese firms across sectors founded the Distributed Identity Alliance (DID Alliance). Baidu, Tencent Cloud, WeBank, JD.com, and UnionPay Electronic Payment Research Institute are among the big names that are part of the collaboration. The collaboration of these Chinese tech companies was set up to investigate, and research distributed ID technology, to develop commercial applications of the technology in various settings.
The alliance will work to help local businesses.
The alliance formed by 17 major Chinese tech companies will work to create open source technologies by adopting international standards to help local businesses bridge the gap to international digital ID consortia. The project proposed by the tech companies comes at a time of greater international cooperation on the issue of distributed identities. The international consensus appears to be trending towards self-sovereign identity. In this system, individuals would be able to control ownership and access to their own data. Currently, it remains unclear whether Chinese authorities would support this type of system or not.
Governments around the world take a serious look at blockchain amid the pandemic.
Amid the ongoing pandemic, governments all over the world have taken a serious look at the blockchain technology and its uses in different fields. Blockchain technology reduces paperwork and is a highly reliable technology. It is currently being used in several fields, including healthcare, logistics, and many others. As reported earlier, The Public Debt Management Office (PDMO) of Thailand’s Ministry of Finance announced to sell 200 million baht ($6.42 million) in savings bonds using a blockchain-based e-wallet. The US senate proposed to use blockchain technology for remote voting and other tasks amid the shutdowns due to COVID 19 pandemic. The technology initially intended to underpin cryptocurrency has surfaced as a crucial innovation that is being used in several sectors across countries.