Chain of command: China releases blockchain ‘loyalty app’

Chinese authorities have released an app that lets members of the ruling Communist Party show their loyalty using blockchain.

Lian Shang Chuxin – roughly translated as ‘Chain of Aspirations’ – lets faithful supporters record the reasons they joined up, which is then stored on a blockchain ledger.

The platform, launched by Chinese government media outlet People’s Daily, also acts as a virtual time capsule which is opened up on the anniversary of the day they signed up to the party.

China has also announced it is testing a national cryptocurrency and will release it soon.

Earlier this week, Coin Rivet reported on Chinese President Xi Jinping’s comments about blockchain, which he says is vital to the future of the country.

Xi also urged officials to focus on its development during a meeting with the political bureau of the Chinese Communist Party’s Central Committee.

According to the state-funded Xinhua news agency, Xi stressed that it is “necessary to strengthen basic research, enhance innovation, and strive to let China take the leading position in the emerging field of blockchain, occupy the commanding heights of innovation, and gain new industrial advantages.”

He added: “It is necessary to promote collaborative research, accelerate the breakthrough of core technologies, and provide safe and controllable technical support for the development of blockchain applications. It is necessary to strengthen the research on blockchain standardisation and enhance the right to speak and rule in the world.”

In August, Chinese state media outlet the Global Times refuted reports the cryptocurrency would launch in November.

It made the announcement following a report by Forbes, which stated that the People’s Bank of China was set to give the first round of its central bank digital currency (CBDC) to the Alibaba Group and seven other Chinese companies, including internet giant Tencent.