China to use blockchain technology in its new social credit system

Following President Xi Jinping's decision to embrace blockchain technology, different federal agencies within China stepped forward to abide by the new order.

Now, several industry experts held a seminar to create an elaborate digital system of governance.

A new social credit system using blockchain technology.

On Jan. 14, a seminar was held in Beijing dubbed "Blockchain technology helps China's new social credit system." The event intended to unite some of the most prominent experts in the blockchain industry to work together in building a new social credit system.

Cn, over 20 blockchain specialists participated in the seminar.

These industry experts ranged from scholars to researchers and entrepreneurs who came from within China and abroad. During the seminar, it was concluded that artificial intelligence as well as blockchain technology will play a big role in developing China's social credit system.

The Chinese state plans to launch a nationwide ranking system that will monitor the behavior of its enormous population.

Over 1.4 billion Chinese citizens will be ranked based on their "Social credit."

The new "Social credit system" was first announced in 2014.

According to the government's document, Planning Outline for the Construction of a Social Credit System, "Keeping trust is glorious and breaking trust is disgraceful."