{"id":123342,"date":"2020-01-22T22:00:03","date_gmt":"2020-01-22T22:00:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=123342"},"modified":"2020-01-22T19:41:45","modified_gmt":"2020-01-22T19:41:45","slug":"china-to-use-blockchain-technology-in-its-new-social-credit-system","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/china-to-use-blockchain-technology-in-its-new-social-credit-system\/","title":{"rendered":"China to use blockchain technology in its new social credit system"},"content":{"rendered":"

Following President Xi Jinping\u2019s decision to embrace blockchain technology<\/a>, 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.<\/p>\n

A new social credit system using blockchain technology<\/h2>\n

On Jan. 14, a seminar was held in Beijing dubbed \u201cBlockchain technology helps China's new social credit system.\u201d 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.<\/p>\n

According to a report<\/a> by China.org.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.<\/p>\n

During the seminar, it was concluded that artificial intelligence as well as blockchain technology will play a big role in developing China\u2019s social credit system.<\/p>\n

The report reads:<\/p>\n

\n

\u201cThe experts reached the consensus that the driving force for the long-term development of the world economy is ultimately innovation. They added that when looking back in history, it's clear that the vitality and creativity released by the reform of institutional mechanisms, and the new industries and products created by technological advancement, are the fundamentals needed for the world economy to emerge and recover from major crises.\u201d<\/p>\n<\/blockquote>\n

The event was organized by the Yunhe Technology Group, the Yunhe New Social Credit System Joint Research Institute, the China Blockchain Enterprise Social Responsibility Research Institute, and the Beijing Huaxia Industrial Network Intelligent Technology Research Institute.<\/p>\n

The government keeps an eye on its citizens<\/h2>\n

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 \u201csocial credit.\u201d<\/p>\n

The new \u201csocial credit system\u201d was first announced in 2014. Its main purpose is to observe closely all aspects of life of Chinese nationals judging by their behavior and trustworthiness. According to the government\u2019s document, Planning Outline for the Construction of a Social Credit System (2014-2020)<\/a>, \u201ckeeping trust is glorious and breaking trust is disgraceful.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Following President Xi Jinping\u2019s 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 […]<\/p>\n","protected":false},"author":148,"featured_media":123343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nChina to use blockchain technology in its new social credit system<\/title>\n<meta name=\"description\" content=\"Several blockchain experts held a seminar in China to create an elaborate digital system of governance using blockchain technology.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/china-to-use-blockchain-technology-in-its-new-social-credit-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China to use blockchain technology in its new social credit system\" \/>\n<meta property=\"og:description\" content=\"Several blockchain experts held a seminar in China to create an elaborate digital system of governance using blockchain technology.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/china-to-use-blockchain-technology-in-its-new-social-credit-system\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-22T22:00:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-22T19:41:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/F0A934AA-5513-4C2D-8D44-85799B0600E1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/china-to-use-blockchain-technology-in-its-new-social-credit-system\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/china-to-use-blockchain-technology-in-its-new-social-credit-system\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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