Skip to content

Chinese shareholders do not want to disclose their personal information to state blockchains

June 11, 2020

Chinese local governments are having difficulty implementing blockchain applications because stakeholders are unwilling to share data privatelyAccording to a local report dated June 10th.

Dates are king

Research suggests that more than 30 local governments are acquiring blockchain technology. The aim is to use the blockchain to build management platforms that improve local administrative and social governance functions.

Some of these projects, according to news, had to be completed in less than two years due to a lack of supporting data. The reason? Many interested parties refuse to disclose their personal data.

Chinese shareholders do not want to disclose their personal information to state blockchainsChinese shareholders do not want to disclose their personal information to state blockchains

Zhang Desheng, an employee who had participated in a local government blockchain project, said:

“Since there was no clear political framework, government employees had obstacles in the communication process with the stakeholders. The data required for the blockchain management platform includes local banks, insurance companies, telecommunications and other departments. Some departments were ready to provide data, others were not.

Pay for data

Yan Meng, vice president of the China Digital Asset Research Institute, agreed that the “information barrier” posed major challenges for the implementation of blockchain technology.

Meng explained that this resistance is problematic because data is everything for these blockchains to be successful.. He believes that no government sector or private company would be willing to “donate” their data “free of charge” and then put that data in a chain where everyone can see it. He suggested that data owners should be paid when their data is requested.

As Cointelegraph previously reported, Hoskinson believed that people already had enough old world institutions to control their financial accounts, data, and identity.