China Explores Blockchain Based Reward System For its Armed Forces November 18, 2019 November 18, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 18, 2019 by Kelly Cromley

China Explores Blockchain Based Reward System For its Armed Forces

A blockchain powered rewards program to administer individual information and encourage troops is being considered by China’s military, according to Global Times report.

The blockchain powered platform, as per a report from People’s Liberation Army (PLA), would probably not offer any kind of financial incentives, but would improve the overall management of the military.

The PLA is supposedly eager to use an unalterable and safe blockchain-powered platform to administer personnel info, covering documents such as military drilling, career course, missions carried out and tracks.

The tokenization of the system to provide soldiers with non-financial incentives that can be reclaimed for rewards with the program. The tokens are supposed to act as “objective evaluations.”

An unnamed source well aware of the proceedings has stated that the main difference between the offered blockchain platform and prevailing rewards system would probably be not only the safety provided by the innovative technology, but also better proximity:

“It sounds similar to a KPI system that will give feedback to the troops very frequently,” the anonymous source noted.

The unnamed source stated that the kind of rewards for which the tokens can be exchanged is yet to be revealed. All those who track China will be aware of its innovation in the field of information, scrutiny and behavior assessment, in addition to its controversial social credit program, which has been created since 2007.

A week before, the official China backed Xinhua News Agency has issued an extensively positive and elaborate report applauding Bitcoin (BTC) as “the first successful application of blockchain technology.”

Even though the state media remains cautious while reporting about cryptocurrencies and associated speculative trading, the country, overall, seems to have moderated its overall tough stance towards Bitcoin mining.

The Chinese President Xi’s statement favoring blockchain adoption in the recent past and the inking of first countrywide law governing cryptography and other features of blockchain, due to become live in January, is seen as a positive development.

The People’s Bank of China (PBoC) is anticipated to become the first major economy to introduce a central bank digital currency. However, there is no clarity whether the digital currency of PBoC will be interoperable with other public blockchains.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.