Skip to main content

POST Ranting and rating

xxx

"China's social credit system was launched in 2014 and is supposed to be nationwide by 2020."

From "China Social Credit: The odd reality of life under China's credit system | WIRED UK".

xxx

xxx

China’s plan to judge each of its 1.3 billion people based on their social behavior is moving a step closer to reality, with Beijing set to adopt a lifelong points program by 2021 that assigns personalized ratings for each resident.

The capital city will pool data from several departments to reward and punish some 22 million citizens based on their actions and reputations by the end of 2020, according to a plan posted on the Beijing municipal government’s website on Monday. Those with better so-called social credit will get “green channel” benefits while those who violate laws will find life more difficult.

From Beijing to Judge Every Resident Based on Behavior by End of 2020 - Bloomberg.

 

xxx

xxx

There is a fear that people with contacts and resources will be able to rig their credit scores to enjoy the benefits. In a country where corruption is commonplace it's not impossible to see the social credit system increasing the divide between the haves and have-nots.

From China's worrying mandatory social credit system | Global-is-Asian.

 

xxx

xxx

Already there have been reports of residents using black data markets to boost their scores so they could be approved for a low-interest loan.

From China's worrying mandatory social credit system | Global-is-Asian.

 

xxx

Comments

Post a Comment

Popular posts from this blog

We could fix mobile security, you know. We don't, but we could

Earlier in the week I blogged about mobile banking security , and I said that in design terms it is best to assume that the internet is in the hands of your enemies. In case you think I was exaggerating… The thieves also provided “free” wireless connections in public places to secretly mine users’ personal information. From Gone in minutes: Chinese cybertheft gangs mine smartphones for bank card data | South China Morning Post Personally, I always use an SSL VPN when connected by wifi (even at home!) but I doubt that most people would ever go to this trouble or take the time to configure a VPN and such like. Anyway, the point is that the internet isn’t secure. And actually SMS isn’t much better, which is why it shouldn’t really be used for securing anything as important as home banking. The report also described how gangs stole mobile security codes – which banks automatically send to card holders’ registered mobile phones to verify online transactions – by using either a Trojan...
Post a Comment
Read more

Financial Cryptography: Corda Day - a new force

Forum friend Ian Grigg, who I always take very seriously indeed on any such topic, wrote about Corda on his blog and concluded with a powerful statement. Bitcoin told the users it wanted an unstoppable currency - sure, works for a small group but not for the mass market. Ethereum told their users they need an unstoppable machine - which worked how spectacularly with the DAO? Not. What. We. Wanted. Corda is the only game in town because it's the only one that asked the users. It's that simple. From Financial Cryptography: Corda Day - a new force xxx It seems to me, however, what Ian is pointing to as the greatest strength of their approach is also the greatest weakness. A staple feature of unimaginative management consultants presentations about innovation is some variation on the statement by Henry Ford that if you had asked users what they wanted, they would have asked for faster horses coupled with some variation on the statement by Steve jobs that it was pointless ask...
Post a Comment
Read more

Barclays slated after CIO takes a year to open a bank account

xxx The rigorous KYC procedures at US banks the New Jersey-based crime ring created more than 7,000 fake identities to get tens of thousands of credit cards From  Woman Gets 3 Years for Role in $200M Credit Card Fraud Scam - ABC News xxx xxxx Barclays slated after CIO takes a year to open a bank account : "An adviser to a new charitable incorporated organisation that spent more than a year trying to open a bank account has blasted Barclays for its onerous demands and disproportionate due diligence." xxx In a recent survey for VocaLink, some two-thirds of respondents said that they saw value in the establishment of a central KYC utility. They are wrong. We don’t need a central KYC utility, we need a federated reputation infrastructure. Or, to put it another way, a financial services passport ( as I mentioned earlier in the year ).
Post a Comment
Read more