This dude manages to make his declarative nazi salute at the presidential inauguration and the world is watching look like he is a ten year old trying his best to be edgy in school assembly. How is it possible to be a central character in the midst of evil and be so fucking cringe?
I’d say in theory it could be used something like public records of proof for ownership of immaterial or intellectual property and the transfer thereof. Say the rights to music, writing, digital art and whatnot. Like the essence of NFT without the hyped up crypto bro speculation and pump’n’dump.
The difficulty would be to get it recognized as legally valid and the bigger difficulty that as there is no central authority there is also nobody being able to rectify fraud or user mistakes. If you implement central authority it’s basically just any old list of transactions with some extra crud so then the question would be why even bother.
If China becomes democratic it is no longer China anywhere as we know it. The agenda is still, AFAIK, that the totalitarian regime is necessary for another undisclosed amount of time with the end goal to transition into full communism.
The problem is of course that the party elite quite enjoy this position they are in and are in no hurry for any societal transitions in any direction whatsoever.
So, in my mind, your question is at best some imaginary world building for a fictional scenario that has no connection with reality.