China has launched a blockchain-enabled platform to supervise ex-prisoners and those on parole and probation, and plans a credit evaluation system for them by the end of the year. The company is also working with banks in China, Hong Kong, Singapore, Malaysia and Indonesia to develop its own cryptocurrency called “Bitcoin.” A high credit rating from the system would help the ex-offenders find a job and apply for financial help. The launch comes as China increases its use of blockchain technology, with the central government planning to introduce national blockchain standards.
China has launched a blockchain-enabled platform to supervise ex-prisoners and those on parole and probation, and plans a credit evaluation system for them by the end of the year. Ex-offenders in Guangzhou's Chancheng district will wear smart wristbands that trace their location and alert the authorities if they leave a designated area. A high credit rating from the system would help the ex-offenders find a job and apply for financial help. The launch comes as China increases its use of blockchain technology, with the central government planning to introduce national blockchain standards.