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Chinese Military Plans to Adopt Blockchain Technology

Chinese Military Plans to Adopt Blockchain Technology

The Chinese military is expecting to use blockchain technology to improve operations and reward soldiers with tokens. That is, according to China’s official newspaper, the PLA Daily.

18 November, 2019, | AtoZ MarketsIn last week, the People’s Liberation Army (PLA) daily said that the blockchain could be used to store military personnel data such as necessary information, career paths, and corporate missions. Some of this data can be used to reward soldiers for their performance evaluations, according to the newspaper.

Chinese military blockchain technology as a reward system

The token reward system has to be based on those criteria. Those are such as training, specialist skills, task completion, and other criteria. He added that assigning or deducting tokens based on daily performance and thus generating an objective evaluation would effectively boost human resource management.

Such a system could be an immediate incentive, according to an anonymous expert. He/she is familiar with the administrative work within the PLA. “It sounds like a key performance indicator (KPI) system that will very often give feedback to the troops,” the expert said. The PLA may still need to determine the rewards that might result.

PLA Daily also suggested exploring other cases of use of the blockchain in the military. That is including storing military secrets with higher-level encryption to improve information security.

Read More: IRS Issues Cryptocurrency Tax Refunds to Investors

China’s blockchain Plan

Last week, China’s official Xinhua News Agency published a mostly positive and detailed report acknowledging Bitcoin (BTC). BTC is the first successful application of blockchain technology.

The state media has continued to reiterate its cautious stance against the speculative excesses associated with the cryptocurrency trading. Yet, the country still seems to be weakening its firm opposition to activities such as Bitcoin mining.

At the same time, President Xi’s recent endorsement of blockchain innovation in past weeks has accompanied by the signing of the first national law regulating cryptography, governing various aspects of the blockchain. That comes into effect next January.

The People’s Bank of China (PBoC) is expecting to make China the first major global economy to launch a central bank digital currency. The question of whether or not the PBoC’s digital currency will be based on a blockchain and interoperable with other blockchains has been the subject of debate and speculation among industry figures in recent weeks.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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