Chinese shareholders don’t want to share their personal data with government blockchains

Chinese local governments face difficulties in implementing Immediate Edge applications due to the unwillingness of stakeholders to share privately owned data, according to a local report released June 10.

Data is king
According to the research, there are more than 30 related local governments that are acquiring blockchain technology. Their objective is to take advantage of blockchain to build management platforms that improve local administrative and social governance capacities.

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Some of these projects have been forced to close in less than two years, according to news reports due to a lack of backup data. The reason? Many stakeholders refuse to share their personal data.

Zhang Desheng, a staff member who participated in a local government blockchain project, stated that:

„Because there was no clear policy framework, government staff were hampered in the process of communicating with stakeholders. The data needed for the blockchain management platform involves local banking, insurance, telecommunications and other departments. Some departments were willing to provide data, while others were not.

Paying for data

Yan Meng, vice president of China’s Digital Asset Research Institute, agreed that the „information barrier“ has brought great challenges to the implementation of blockchain technology.

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Meng explained that this resistance is problematic because, for these Blockchains to succeed, data is everything. He believes that no government sector or private companies would be willing to „donate“ their data „for free“ and then put this data on a chain where everyone can see it. He suggested that data owners should be paid when their data is requested.

As Cointelegraph reported earlier, Hoskinson believed that people already had enough old world institutions controlling their financial accounts, data and identity.