A Blockchain-Based Rewards System for the Chinese Army? Here’s the Latest on Peersafe
As reported by the Global Times on November 18th, the Chinese army may implement a blockchain-based rewards system to incentivize the workforce and manage personnel data.
According to a daily report from the People’s Liberation Army (PLA), the blockchain system will not be used for financial incentives, but as an innovative management strategy.
The System May Be Tokenized
PLA wants to use a secure and immutable blockchain system for managing personnel data, keeping records of military training, career advancements, missions, and performance. This system should be tokenized to give soldiers incentives that can be recuperated as rewards. The incentives are therefore meant to be non-financial, while the tokens should function as “objective evaluations”.
A source that wants to remain anonymous has said the blockchain system would be different from the rewards system that’s already implemented in terms of security and technological innovation, also more immediate. The rewards for the tokens are still to be determined. People who have been watching China’s advancements in surveillance, behavior analytics, and data are more interested in its widely known social credit system that’s been developing ever since 2007.
Blockchain Technology Successful in China
The state-owned Chinese Xinhua News Agency has published last week a report in which it identifies Bitcoin (BTC) to be “the first successful application of blockchain technology.” While media is continuing to express its worries about the excesses made in the cryptocurrency space, people in the country are starting to oppose Bitcoin mining less and less.
President Xi Has Signed the First National Law That Regulates Cryptography
President Xi seems to be endorsing the blockchain technology, as he has recently signed for the first national law that regulates cryptography and governs over different aspects of the blockchain. The law will begin to take effect in January 2020. In the meantime, it’s expected from People’s Bank of China (PBoC) to establish the country as one of the most important global economies by launching a digital bank currency. It hasn’t yet been expressed if this digital bank currency is going to be based on the blockchain or interoperable with the existing blockchains, so there’s a lot of room for speculation.