Chinese Military Could Use Blockchain Tech For Military Data
- China’s military could use blockchain to record soldiers data, such as personal information, military training, and career path.
- The system will likely reward soldiers’ performance through tokens, which according to an anonymous source, will not be used for financial incentives.
Chinese military soldiers marching. EPA-EFE
The Chinese military could implement blockchain technology to manage personnel data, boost training and reward soldiers, the Global Times reported on 18 November.
According to the Global Times, which cites a People’s Liberation Army (PLA) Daily report, the military is interested in using a secure blockchain-based system to manage military data about soldiers, such as personal information, military training, career path, missions undertaken and performance reports.
As soldiers data will be securely gathered on a blockchain, the military can more easily calculate and evaluate a soldier’s combat performance, and award good work with additional tokens, while punishing bad behavior and flaws.
The report further cites an anonymous source familiar with the PLA’s administration, who said that the tokens will probably not be used for financial incentives, but instead be used for exchanging rewards.
He also noted that the main difference between existing reward systems and the proposed blockchain system is not its security, but being more immediate incentive. He said that “it sounds similar to a KPI system that will give feedback to the troops very frequently”, and that the PLA will still need to figure out what the rewards will be.
Even though China has been very strict when it came to cryptocurrencies, it has now started to accept the technology to some degree. Even though Chinese state media still warns investors about speculative trading, earlier this month its economic planning agency finally scrapped its plan to phase out crypto mining from the country.
Last month it also passed a new cryptography law, which is aimed at tackling regulatory and legal challenges in the commercial cryptography use-cases, as they play a big role in the development of the Chinese economy.
The first major global economy to launch a Central Bank Digital Currency (CBDC) is also expected to be China. In an recent interview, a founding managing partner of HCM Capital said that the People’s Bank of China (PBoC) is very close to releasing its digital currency, and that we could see it launched in the next 2-3 months.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The team behind Multichain confirmed that their CEO was detained in China on 21 May, and that all of his electronic devices were confiscated by the local police.
- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.
- A new 13-count superseding indictment has accused Sam Bankman Fried of bribing one or more Chinese officials in order to unfreeze accounts connected to Alameda.
- In early 2021, Chinese authorities froze certain Alameda accounts on two of China’s largest crypto exchanges”, which reportedly held more than $1 billion worth of crypto assets.