China’s so-called ” system of social credits” will be using Hyperchain Technology’s managed blockchain Remin Chain to share data between provinces and strengthen citizen surveillance.
According to a Chinese state media publication, Hyperchain Technology’s Remin Chain will be integrated with the notorious People’s Daily Internet Opinion Monitoring Center, the government institution that is engaged with monitoring and analyzing every comment made on the Internet by the more than 800 million Chinese users. The center is run by People’s Daily, the officially recognized newspaper of the Party`s leadership, in the face of the Central Committee.
The “social credit system” is a system for evaluating individual citizens or organizations according to various parameters, the values of which are obtained using mass observation tools, and using big data analysis technology. The system also allows to identify accurately users of social networks with a history of “problem” comments.
Until now, there was no nationwide social credit rating system that would tie online comments to the scores of a credit bureau, which determines a citizen’s ability to access real financial loans.
Much of this system worked at the provincial level on different platforms made by different tech companies with various specifications. The provinces are tracking pretty much everything, from local delinquency, parking fines, and rental and debt payment history, along with online commentary, to calculate social credit scores. In theory, citizens could move from province to province to clear their score history.
However, Remin Chain’s Super ID system will close that loophole. The platform will launch a national social credit tracking system. The company also suggested using this data to “empower” small and medium-sized businesses, often overlooked by lenders, to build confidence in them and improve access to loans at lower rates.
As a reminder, early this year, technology experts from universities, enterprises and research institutes suggested using blockchain to improve China’s Social Credit System.
