- China may use blockchain to organize and incentivize its military
- Could China’s embrace of blockchain cause another pump?
- The people’s republic softens its stance on crypto.
China’s latest blockchain initiative could see its army rewarded in cryptocurrency tokens.
Just as the blockchain hype in China appeared to be simmering down some, The People’s Liberation Army (PLA) Daily – a state-sanctioned newspaper of the Chinese army – proposed a blockchain-focused overhaul of the country’s military.
According to the report, personal data management may be shifted to the blockchain to increase efficiency. Further, crypto tokens could be used to incentivize soldiers to heighten performance in both missions and training. Information pertaining to military personnel such as training reports and mission data would be collated via blockchain technology.
This would create a personal record stored on the database, which would, in turn, be used to evaluate performance. Tokens would be rewarded for achievements, and deducted for poor performance, the PLA relays. At present, the PLA rewards and promotion system is a lengthy process that only recognizes exceptional achievements.
Analysts believe that blockchain will transform the current awards system, reinvigorating soldier participation by providing real-time bonuses. According to Global Times, analysts estimate that the token itself will not be circulated as money, but rather be exchangeable for predetermined rewards.
Is Another China Crypto Pump on Its Way?
China’s obsession with blockchain is a relatively recent occurrence. Within a speech given back in October, premier Xi Jinping hailed blockchain in its potential to revitalize both China’s business sector and the broader economy.
Xi advocating for the widespread use of blockchain technology. | Source: Twitter
This caused a substantial ripple throughout the crypto markets,