December 10, 2023

Chinese army will introduce blockchain reward system

The Chinese People's Liberation Army plans to implement a reward system on the blockchain tomanage personal data and encourage military personnel.

According to the Global Times, citing a reportThe official media of the People’s Liberation Army of China, the system on the blockchain will most likely not include financial incentives for military personnel, but will be used as an innovative strategy for managing the armed forces.

The Chinese army is reportedly interested inusing an immutable and secure system on the blockchain to manage military personnel data, including records of military training, career growth, participation in missions and performance appraisals. The system plans to issue tokens to provide soldiers with non-financial incentives that can be exchanged for rewards under the scheme. These tokens will serve as “objective assessments” of the achievements of the military.

Anonymous source familiar with the plansAdministration of the People’s Liberation Army of China, argues that the main difference between the proposed system on the blockchain and existing remuneration systems is likely to be not only security, but also real-time operation:

“This is similar to the KPI system, which will constantly report on the achievements of the military.”

Recall that at the end of last monthChinese President Xi Jinping called for speeding up the implementation of blockchain in the country, calling the latest technology the basis for transformations in industry, finance and other industries. This statement triggered a stir around the blockchain industry and an increase in the cost of “Chinese” cryptocurrencies.

Apparently, the country is serious aboutblockchain industry development and technology implementation in various fields. As reported last week, China will invest up to $ 2 billion in the development of blockchain companies until 2023. The industry's average annual growth is 65.7%.